market folly

Alan Fournier's hedge fund firm Pennant Capital has filed a 13G with the SEC on their position in Ocwen Financial (OCN).  Per the filing, Pennant now owns 7.2% of the company with over 9.44 million shares.

This means they've boosted their position size by 4 million shares since the end of the second quarter.  Shares of OCN have been under extreme pressure as regulators scrutinize the non-bank servicers.  They're seeking to beef up compliance and have previously halted OCN's purchase of mortgage servicing rights (MSRs).

The filing was made due to activity on September 22nd. 

Per Google Finance, Ocwen Financial is "a financial services holding company. The Company is engaged in the servicing and origination of mortgage loans. The Company's Shared Appreciation Modification (SAM) incorporates principal reductions and lower payments for borrowers while providing a net present value positive loss mitigation outcome for investors, including the ability to recoup losses if property values increase over time."