The LA Times reported on Tuesday that Ocwen Financial Corp. – one of the biggest mortgage servicers in the U.S. – could soon be losing its mortgage license in California.
According to the report, the state of California is seeking to suspend the company’s license, as it has reportedly failed to provide documentation proving that it complies with laws that have been put in place to protect homeowners.
The news immediately sent Ocwen stocks plunging, and in the morning trade hours alone, shares had dropped 26 percent.
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