Volume 25 - Number 01
January 6, 2014
Bureau Orders Ocwen to Provide $2 Billion in Principal Reduction
The CFPB and authorities in 49 states and the District of Columbia filed a proposed court order requiring the countrys largest nonbank mortgage loan servicer, Ocwen Financial Corp., and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers. The bureau said the consent order addresses Ocwens systemic misconduct at every stage of the mortgage servicing process. Ocwen also is required to refund $125 million to the nearly 185,000 borrowers who have already been foreclosed upon, the CFPB...
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