Ocwen (OCN) Down Over 55%, Just Today, In Afternoon Stock Trading
Ocwen is toast, if 20 states sent Cease-and-Desist Order, many more will follow in coming days and weeks.
Over 20 state mortgage regulators send Ocwen Cease-and-Desist Order North Carolina Commissioner of Banks Ray Grace, along with state mortgage regulators representing more than 20 states, issued regulatory enforcement orders to subsidiaries of Ocwen Financial today to “address mishandling of consumer escrow accounts and a deficient financial condition.” The Commissioner’s order prohibits the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing, a subsidiary of Ocwen, until the company is able to “prove it can appropriately manage its consumer mortgage escrow accounts.” The Nebraska Department of Banking and Finance announced earlier that it issued a Cease and Desist Order to Ocwen Financial through its Nebraska licensed subsidiaries. The stock is down over 55% in afternoon trading. Expect lower lows near the end of the day.
The whole mortgage segment is toast. No money to be made with $3 mortgage inspections and $15 grass cuts.