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Ocwen Financial Corporation (OCN) provides residential and commercial mortgage loan servicing, special servicing, and asset management services in the United States and internationally.
The company provides loan servicing, including asset management and resolution services primarily to owners of subprime residential mortgages. It also invests in subprime residential loans held for resale; and is involved in subprime residual mortgage backed trading securities related to subprime loan origination operation and whole loan purchase and securitization activities, as well as engages in the management of residential assets.
The Company earns fees for providing services to owners of mortgage loans and foreclosed real estate. In most cases, it provides these services either because it purchased the mortgage servicing rights (MSRs) from the owner of the mortgage or because it entered into a subservicing or special servicing agreement with the entity that owns the MSRs.
Shares have formed a bullish "double bottom" after finding support at the 50% retracement level from recent highs. Higher share prices are expected for this company.
52-Week Trading Range: $12.71 - $39.83
Last Trade: $34.20
Stop Loss: $32.49
Target Price: $37.62
We are closing the positon with a decent gain after 30 days. The stock did not gain the 10% but it is still a solid investment.
