Lawsky Cites Ocwen Conflicts as He Reviews Wells Fargo Deal
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New York’s top bank regulator asked Ocwen Financial Corp. for information about potential conflicts of interest between the firm and its vendors as it seeks to buy $39 billion of home loans from Wells Fargo & Co. Ocwen shares tumbled 7 percent.
Ocwen Chairman William Erbey is the largest shareholder in companies that provide mortgage-management services to Ocwen, Benjamin Lawsky, superintendent of New York’s Department of Financial Services, said today in a letter to the Atlanta-based firm.