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Why Shares of Ocwen Financial Are Jumping Today

TheMotleyFool

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Why Shares of Ocwen Financial Are Jumping TodayPhoto, wide shot, wide-angle lens, Private equity firm, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by Edward Burtynsky: https://img.theapi.app/temp/2b695cca-48cb-4195-802a-e3385fb90ec0.png

Shares of Ocwen Financial Corporation (NYSE: OCN) jumped more than 10% on Tuesday after hedge fund manager Leon Cooperman recommended the mortgage servicing company. The stock is down 20% over the past year, and Cooperman believes it is oversold.

Ocwen is a non-bank financial company that handles the administrative tasks associated with a loan, including sending statements and receiving payments. The company acquired PHH Corporation in October 2018 to expand its operations, but the purchase saddled Ocwen with significant debt and has weighed on operations.

Image source: Getty Images.

Source Fool.com

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