Ocwen Financial Plummets On Letter From Regulators

Shares of Ocwen Financial

are down sharply following news that the New York Department of Financial Services sent the company a letter stating they uncovered serious issues with the company's systems and controls. Shares of Ocwen Financial have been halted twice today, after losing nearly 25 percent on the lows of the day In the letter to Ocwen Financial, The New York Department of Finance stated it discovered backdating of potentially hundreds of thousands of letters to borrowers, likely causing them significant harm. Shares of OCN are currently down 18 percent at 21.50.