PHILADELPHIA--(BUSINESS WIRE)--Goldman Scarlato & Penny, P.C., a law firm protecting the rights of investors, is investigating potential securities claims on behalf of shareholders of Ocwen Financial Corporation (NYSE: 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.
Goldman Scarlato & Penny anticipates filing a class action lawsuit to recover losses suffered by Ocwen investors. If you purchased shares of Ocwen on or before April 20, 2017, please contact Paul Scarlato via email at firstname.lastname@example.org or by phone at (484) 342-0700 for more information.
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