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Investigations

GSP Investigates Ocwen Financial Corp. (OCN)

On April 20, 2017, the Consumer Financial Protection Bureau, the State of Florida and other states sued mortgage servicer Ocwen for improper business practices. According to the 93 page complaint, millions of mortgage accounts Ocwen handled were riddled with errors throughout the repayment process. The suit claims that Ocwen would go after borrowers long before verifying that a debt was valid, fail to credit payments, illegally foreclose on homeowners, and charge borrowers for add-on products without their consent. In addition to the suit, authorities in at least 18 other states have issued cease-and-desist orders against Ocwen to address mishandling of consumer escrow accounts and a deficient financial condition, specifically prohibiting Ocwen from acquiring new mortgage servicing rights and originating mortgage loans.

Ocwen shares fell sharply on the news falling 51% on very heavy volume.

GSP is investigating whether shareholders of Ocwen Financial Corp.  (NYSE:  OCN) have potential claims for violations of the securities laws. If you purchased shares of Ocwen and have suffered a loss on your investment, and wish to learn more, please contact Paul Scarlato by email at scarlato@lawgsp.com.

In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent updates regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases. Also, the brokercheck report linked to some of our blogs is the up-to-date version as of the date of posting. Visitors may check the most recent version of each brokercheck report at www.finra.org.

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