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Volume 2017 - Number 16

April 28, 2017

Moody’s, Fitch Pummel Ocwen with Downgrades Following Legal Actions by CFPB, State Regulators

Ocwen Financial’s travails continued to worsen this week after rating agencies announced adverse ratings actions amid the servicer’s mounting regulatory and legal problems. On April 24, Moody’s Investors Service placed Ocwen’s servicer assessment on review for a possible downgrade. On April 25, Fitch Ratings revised its previous rosy affirmation of the company’s primary servicer rating and stable outlook to negative. Both firms said the ratings actions were due to the increased regulatory scrutiny on Ocwen’s servicing operations, which could lead to hefty penalties that could pose a threat to the company’s financial stability. On April 20, a consortium of state mortgage regulators filed...

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This weekly covers the secondary mortgage market, including mortgage-backed securities and asset-backed securities.

 

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