Market Overview

Ocwen Financial Plummets On Letter From Regulators


Shares of Ocwen Financial Corp (NYSE: OCN) 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 were halted twice Tuesday, 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 closed at $21.48, down 18.2 percent.

Posted-In: News Movers


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