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Financial Sector Update for 05/25/2016: OCN,BLK,MGI,CBL

Top Financial Stocks

JPM +1.52%

BAC +1.67%

WFC +2.65%

C +2.24%

USB +1.69%

Financial stocks were broadly higher today, with the NYSE Financial Sector Index adding over 1.2% while financial companies in the S&P 500 Index were posting a 1.1% increase.

In company news, Ocwen Financial ( OCN ) was higher in late Wednesday trading following reports the mortgage-servicing company has been cleared of any wrongdoing in a multi-billion dollar lawsuit brought by mortgage bond investors.

According to a report by HousingWire, Ocwen released documents prepared by valuation experts Duff & Phelps which found no evidence of the negligence and misconduct alleged by bond investors, including BlackRock ( BLK ) and Pimco, who Ocwen said wanted to keep underwater homeowners from accessing a government loan modification program.

OCN shares were up over 19% at $2.06 apiece, staying within 5 cents of their session high.

In other sector news,

(+) MGI, Extends agreement to provide MoneyGram receive services at Wal-Mart ( WMT ) locations across Mexico through 2018.

(-) CBL, Reportedly being investigated for alleged accounting fraud. Issues statement refuting the Wall Street Journal story, saying it believes the allegations were baseless.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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WMT BLK CBL OCN MGI

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