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Lawsky Leaving After $3 Billion in Fines Makes a Mark

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When Ocwen Financial Corp. shares soared on the news that regulator Benjamin Lawsky, who’s probing the company, will step down, Bill Miller shrugged.

The next head of New York’s Department of Financial Services will probably be as aggressive as Lawsky, continuing the uncertainty for Ocwen, said Miller, who runs the $2.2 billion Legg Mason Opportunity Trust. Lawsky’s investigations of nonbank mortgage servicers such as Ocwen have caused their shares to plunge.