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OCN

Ocwen

$2.52

0.029 (1.16%)

15:06
04/21/17
04/21
15:06
04/21/17
15:06

Not yet time to 'gamble' on Ocwen despite sharp decline, says Oppenheimer

Oppenheimer analyst Ben Chittenden, in a note to investors entitled "If You Want to Gamble, Go to Foxwoods," said it is "very hard" to fully know the outcome of the cease and desist orders and CFPB lawsuit against Ocwen but they, at the least, push out any potential turn in profitability. While he isn't ready to call into question the company's ability to survive, 20 states banding together to express serious concern regarding Ocwen as a going concern isn't something he would just dismiss either, Chittenden stated. "There may come a time when it's worth exploring a long position in OCN; we just don't think today is the day," wrote the analyst, who keeps a Perform rating on Ocwen shares, which plunged by about 54% yesterday and have rebounded by about 3% today.

  • 03

    May

  • 24

    May

OCN Ocwen
$2.52

0.029 (1.16%)

04/21/17
COMP
04/21/17
UPGRADE
Target $3.5
COMP
Buy
Ocwen upgraded to Buy from Neutral at Compass Point
Compass Point analyst Frederick Small upgraded Ocwen (OCN) to Buy from Neutral as he sees regulatory risk as mispriced following yesterday's CFPB lawsuit and states' cease-and-desist orders. He also does not think New Residential (NRZ) will transfer the majority of Ocwen's subservicing to another servicer, though he lowered his price target on Ocwen shares to $3.50 from $5.
04/21/17
COWN
04/21/17
NO CHANGE
COWN
CFPB, states not looking to put Ocwen out of business, says Cowen
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.
04/21/17
SBSH
04/21/17
NO CHANGE
SBSH
Buy
New Residential has protections investors are overlooking, says Citi
Citi analyst Michael Kaye views the Ocwen's (OCN) CFPB lawsuit and state cease and desist orders as a clear negative development for New Residential Investment (NRZ), but the analyst yesterday afternoon kept a Buy rating on the shares. The analyst believes Ocwen services about $120B of New Residential's $600B servicing portfolio. Kaye, however, thinks New Residential has some flexibility since Ocwen's Moody's servicer rating is below SQ3, which qualifies as a potential legal termination event. As such, New Residential has the legal right to move the servicing into its own name and let Ocwen stay on as a sub-servicer, which would provide additional protection, Kaye told investors in a research note. The company can also pull the servicing agreement from Ocwen to another sub-servicer, he adds. Kaye believes New Residential "has some built in protections that investors might be overlooking."
04/21/17
OPCO
04/21/17
NO CHANGE
OPCO
Oppenheimer says a time will come to buy Ocwen, just not today

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