Ocwen Reaches $2B Deal In Mortgage Servicing Suit

Law360, New York (December 19, 2013, 5:18 PM EST) -- Mortgage servicer Ocwen Financial Corp. on Thursday agreed to a $2.1 billion settlement with the federal government and 49 states over allegations it had engaged in “significant and systemic” misconduct at every stage of the mortgage servicing process.

The proposed agreement, which must be approved by a judge, comes just shy of two years after five of the largest banks in the U.S. reached a $25 billion settlement over similar allegations. It promises homeowners a measure of relief in the form of principal reductions facilitated by...
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