California had threatened to pull the company’s license over document requests that Ocwen was ignoring at the time. Eventually, the two parties came to terms.
FINRA made some concessions to the industry in the proposal issued in October, but many MBS traders warned of dire consequences if the proposed margin requirements take effect.
In the same blog post, Hsieh – who did not talk to the press about the scuttled IPO – described loanDepot as a “unicorn startup,” calling it “one of the very few success stories not from Silicon Valley.