Ocwen Financial settles with New York

Ocwen Financial Corp. (NYSE: OCN) agreed to a legal settlement with the New York Department of Financial Services. Founder and executive chairman William C. Erbey will resign and the company will pay $100 million to the Department of Financial Services and $50 million to borrowers who had foreclosure actions filed against them. The stock price plummeted $6.62 to $15.28.