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BlackRock Reduces Position in Troubled OcwenBlackRock Reduces Position in Troubled Ocwen pmuolo@imfpubs.com Wall Street giant BlackRock Inc. has cut its stake in Ocwen Financial to just 1.7% from 7.1% earlier in the year, according to a new 8-K filing with the Securities and Exchange Commission. In Monday trading, Ocwen’s shares were selling for roughly $0.60 compared to a 52-week high of $2.18 and a low of $0.28. Last decade, Ocwen once traded as high as $58.00. In the first quarter, the lender/servicer posted a net loss of $25.5 million compared to red ink of $44.4 million in 1Q19. According to its balance sheet, the nation’s 14th largest servicer had a cash position of $263.5 million at March 31. The nonbank, which has lost money for several years, is in danger of being kicked off the New York Stock Exchange because of its low share price. In a public filing this spring, the company listed among its risks “our ability to maintain positive relationships with our large shareholders…” |
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