Cowen analyst Jaret Seiberg does not believe the CFPB and the states are looking to put Ocwen out of business despite the latest litigation over how the company services mortgages. He believes forcing the movement of mortgages servicing is fraught with risk for the borrowers as payments can get misplaced, data can be lost, and modification efforts could be derailed. Seiberg said the mortgage servicing business is complex and technical and proving any violations is a low hurdle to clear. He believes the company's fight with NY regulators put them in the crosshairs of other states and that Ocwen "will always attract additional attention." He also noted there are supposedly 1,000 customers that claim they wrongfully had foreclosure proceedings initiated because of Ocwen errors, but based on previous history, he doubts that will end up being the case. Ocwen is not covered by Cowen research and the firm does not have a rating on the stock.