Ocwen Financial Corp.'s net loss narrowed 46% from a year earlier to $3.7 million ($0.06 per share) last quarter as the servicer of subprime mortgages cut operating expenses.

The West Palm Beach, Fla. company said it incurred $14.7 million of paper losses, after taxes, on trading securities and investments. Income from the core servicing business jumped 44% to $18 million, as the unit's operating expenses fell 16% to $40 million.

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