Ocwen Financial Corp. (OCN) is set to pay $268 million to California residents as part of $2.1 billion settlement of a Consumer Financial Protection Bureau investigation into its servicing practices.
According to the San Francisco Business Times, the California Department of Business Oversight recently made the announcement.
Despite this, and other recent negative headlines, Ocwen stock is holding steady.
"Deceptions and shortcuts in mortgage servicing will not be tolerated," said CFPB Director Richard Cordray when the settlement was initially announced in December. "Ocwen took advantage of borrowers at every stage of the process. Today’s action sends a clear message that we will be vigilant about making sure that consumers are treated with the respect, dignity, and fairness they deserve."
Ocwen’s stock was slightly down for the day, closing at 40.59. That price is down 0.10 points from Tuesday’s closing price of 40.69.
Ocwen is part of the HW 30, HousingWire’s proprietary index of 30 key housing finance-focused stocks. The HW 30 was down 0.86 points (-.08%) after rising by nearly 3.5 points (0.32%) earlier in the day’s trading.
Most of the HW 30 was down as were all the major market indices upon news of the Federal Reserve Bank’s announcement to continue the taper.
Two of the companies on the HW 30 didn’t take the day’s news too hard.
Zillow, Inc. (Z) was the highest gainer amongst the HW 30, rising 2.3% over the previous day’s closing price. Trulia, Inc. (TRLA) was also up by 2.0%.
Lennar Corp. (LEN) was also up for the day by 1.82%.
