Ocwen goes to court over cease and desist orders

|By:, SA News Editor

Ocwen Financial (OCN +2.2%) files two emergency motions requesting immediate court actions restraining the cease and desist orders brought last week by Illinois and Massachusetts.

Ocwen notes the "new" allegations aren't from a recent assessment of its business, but from a 2015 multi-state examination which covered activities from 2013-2015.

In the years since, Ocwen and its board have been in regular communication with state regulators (including those from IL and MA) about operational enhancements it's made.

The company plans to appeal or respond to each of the remaining state mortgage regulators in coming days.

The suits are notable as they represent an about-face for Ocwen which previously has responded in "tail-between-the-legs" fashion whenever a regulator came knocking.

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