Ocwen Financial posts lower quarterly profit

Ocwen Financial Corporation said its second-quarter net income dropped to $10 million from $67 million in the same period a year earlier. Earnings per share for the Atlanta-based mortgage-servicing company fell to $0.08 per share from $0.48 per share. Revenue dropped 16% to $463 million. Following more than a year of problems with regulators, Ocwen announced previously that it was selling some of its mortgage-servicing rights and concentrating on mortgages not owned by government agencies....(read more)

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