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rap2dana
LOS ANGELES,#2Author of original report
Sun, April 13, 2014
California's Department of Business Oversight said it's joining a $2.1 billion settlement with Ocwen Financial over mortgage servicingmortgage servicing violations.
The move means that an estimated $268 million will be available to assist Ocwen's troubled borrowers in California.
“Californians should not lose their homes because of deceptive and poorly executed mortgage servicingmortgage servicing practices," said Commissioner of Business Oversight Jan Lynn Owen.
The Ocwen settlement stems from federal litigation filed last December by 49 state attorneys general and the Consumer Financial Protection Bureau.
In California, violations of state law included impropertly denying loan modificationsloan modifications, failing to honor loan modifications granted by prior servicers and charging unathorized fees.
On Feb. 28, a federal judge finalized a settlement between Ocwen and the plaintiffs. That agreement requires all the proceeds to directly benefit consumers and that no payments go to the federal government or any states.
Last Friday, three nonprofits sued Gov. Jerry Brown demanding that California replace $369 million the state received under the national mortgagemortgage settlement to help troubled borrowers, which the state used to pay down state debt issued on behalf of low-income-housing agencies, the New York Times reported. A California official told the New York newspaper, "We're confident that our budgetbudget
actions are legally sound."
With the Ocwen (NYSE: OCN) settlement, it appears the federal judge wanted to ensure the money goes directly to helping troubled borrows.
The problems borrowers are experiencing with mortgagemortgage services recently received front-page coverage in the New York Times.
In a victory for American homeowners, New York regulators recently blocked Wells Fargo's (NYSE: WFC) plans to sell mortgagesmortgages to Ocwen Financial.
California's Department of Business Oversight said it's joining a $2.1 billion settlement with Ocwen Financial over mortgage servicingmortgage servicing violations.
The move means that an estimated $268 million will be available to assist Ocwen's troubled borrowers in California.
“Californians should not lose their homes because of deceptive and poorly executed mortgage servicingmortgage servicing practices," said Commissioner of Business Oversight Jan Lynn Owen.
The Ocwen settlement stems from federal litigation filed last December by 49 state attorneys general and the Consumer Financial Protection Bureau.
In California, violations of state law included impropertly denying loan modificationsloan modifications, failing to honor loan modifications granted by prior servicers and charging unathorized fees.
On Feb. 28, a federal judge finalized a settlement between Ocwen and the plaintiffs. That agreement requires all the proceeds to directly benefit consumers and that no payments go to the federal government or any states.
Last Friday, three nonprofits sued Gov. Jerry Brown demanding that California replace $369 million the state received under the national mortgagemortgage settlement to help troubled borrowers, which the state used to pay down state debt issued on behalf of low-income-housing agencies, the New York Times reported. A California official told the New York newspaper, "We're confident that our budgetbudget
actions are legally sound."
With the Ocwen (NYSE: OCN) settlement, it appears the federal judge wanted to ensure the money goes directly to helping troubled borrows.
The problems borrowers are experiencing with mortgagemortgage services recently received front-page coverage in the New York Times.
In a victory for American homeowners, New York regulators recently blocked Wells Fargo's (NYSE: WFC) plans to sell mortgagesmortgages to Ocwen Financial.
rap2dana
LOS ANGELES,#3Author of original report
Sun, April 13, 2014
Government ActionsThe following describes a pending government action that has been formally brought by a government agency but has not yet been resolved. We are providing a summary of the government's allegations, which have not yet been proven.December 19, 2013 The Consumer Financial Protection Bureau (CFPB) along with authorities in 49 states, and the District of Columbia, entered into a Consent Judgment with Ocwen Financial Corporation and Ocwen Loan Servicing,LLC to pay its alleged misconduct in mortgage servicing. The allegations of misconduct included unfair shortcuts, unauthorized fees, deception, illegal foreclosures, and other illegal practices. Ocwen will be required to provide $2 billion in loan modificationloan modification relief to its customers and $125 million in refunds to consumers whose homes were foreclosed.Ocwen has consented to entry of the Consent Judgment without trial or adjudication and does not admit the allegations of the Complaint.The District Court must still approve of the settlement.A copy of the Consent Judgment is available at this link: bbb.org/h/m9 .Consumers may contact their State Attorney General or MortgageMortgage Regulator for more information. - See more at: bbb.org/central-florida/business-reviews/loan-servicing/ocwen-loan-servicing-in-orlando-fl-13002055#sthash.KbCAGsKO.dpuf