Affirming Ocwen Financial's (OCN -1%) B+ credit rating, S&P cuts it outlook to negative from stable. Tipping the boat is the recently-disclosed subpoena from the SEC requesting documentation about related-party dealings. There's also the investigation of similar issues by the NY Dept. of Financial Services, and weaknesses in internal financial controls that prompted a restatement of certain financial statements.
The agency is taking no action on Altisource (ASPS -0.6%) as the company's performance would support its B+/Stable rating even if it had to forgo the fees in question.