Tax

Ocwen Sees Profits Fall 

Catching up on some recent earnings reports, Ocwen Financial reported last week that it earned $27.2 million, or 39 cents a diluted share, on revenue of $117 million. For the same quarter last year, Ocwen earned $159.1 million, or $2.23 a diluted share, on revenue of $105 million. The steep drop in net earnings was driven by a tax benefit recorded by the company during 2006; second quarter results last year included a tax benefit of $174.7 million, due to the reversal of a deferred tax valuation allowance.