| Reuters | |
Oct 21 (Reuters) - Shares of Ocwen Financial Corp tumbled on Tuesday after New York's financial regulator said the company, one of the largest U.S. collectors of mortgage payments, may have harmed hundreds of thousands of borrowers by sending letters about loan modifications and foreclosures that were dated months earlier.
The company, which has been under scrutiny by New York's Department of Financial Services for loan-servicing problems, denied loan modifications in letters borrowers received more than 30 days after they were mailed, according to an Oct. 21 letter the regulator sent to Ocwen. Receiving the letter so late would have cut off the opportunity to appeal.
