Ocwen disclosed this warning: “Non-compliance with the laws and regulations of India or the Philippines could result in restrictions on our operations in these countries, fines, penalties or sanctions or reputational damage.”
Pete Carroll, an executive at CoreLogic, noted that many Democrats in Congress will not support a housing finance reform bill unless such provisions are included.
The firms that have been warned by Ginnie are: Cardinal Financial, Flagstar, Freedom Mortgage, JG Wentworth, loanDepot, Nations Lending, New Day Financial, SunWest Mortgage and Texas Capital Bank.