Oppenheimer analyst Ben Chittenden, in a note to investors entitled "If You Want to Gamble, Go to Foxwoods," said it is "very hard" to fully know the outcome of the cease and desist orders and CFPB lawsuit against Ocwen but they, at the least, push out any potential turn in profitability.

While he isn't ready to call into question the company's ability to survive, 20 states banding together to express serious concern regarding Ocwen as a going concern isn't something he would just dismiss either, Chittenden stated.

"There may come a time when it's worth exploring a long position in OCN; we just don't think today is the day," wrote the analyst, who keeps a Perform rating on Ocwen shares, which plunged by about 54% yesterday and rebounded by about 3% today [before ending the day down 2.8%].