WAYNE, Pa., May 19, 2014 /PRNewswire/ -- Ryan & Maniskas, LLP has commenced an investigation into potential securities law violations by certain officers of Ocwen Financial Corp. ("Ocwen" or the "Company") (NYSE:OCN).
Ocwen shareholders should contact Richard A. Maniskas, Esquire at 877-316-3218 or at firstname.lastname@example.org to learn more about this investigation or visit: www.rmclasslaw.com/cases/ocn.
Ocwen, through its subsidiaries, is engaged in the servicing and origination of mortgage loans in the United States and internationally. The Company's Servicing segment provides residential and commercial mortgage loan servicing, special servicing, and asset management services to owners of mortgage loans and foreclosed real estate.
Our investigation concerns Ocwen's mortgage servicing process practices. In December 2013, the Consumer Financial Protection Bureau ("CFPB") and authorities in 49 states sued Ocwen, accusing it of years of "significant and systemic misconduct that occurred at every stage of the mortgage servicing process." Ocwen agreed to settle these charges and is required to provide $2 billion in loan modification relief to homeowners and $125 million to consumers who were improperly foreclosed upon. The CFPB action makes clear that, more than three years after agreeing to adhere to mortgage servicing industry standards, the Company has made no significant improvements to its practices. Ocwen's shares have fallen nearly 30% this year.
If you own Ocwen shares and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free: (877) 316-3218 or visit: www.rmclasslaw.com/cases/ocn. You may also email Mr. Maniskas at email@example.com. For more information about class action cases in general, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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