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California Slams Ocwen

SACRAMENTO (CN) - Ocwen Financial on Friday agreed to pay $2.5 million and submit to audits so it can keep running its subprime mortgage servicing business in California.

The state sought to suspend Ocwen's business license two weeks ago, claiming it had refused to provide documents about its operations.

The consent order prohibits Ocwen from accepting new loans in California until the Department of Business Oversight is satisfied that it is responding properly to its requests for information.


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