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...
To view the full article, register now.

Related

Sections

Case Information

Case Title

CONSUMER FINANCIAL PROTECTION BUREAU et al v. OCWEN FINANCIAL CORPORATION et al


Case Number

1:13-cv-02025

Court

District Of Columbia

Nature of Suit

Other Statutory Actions

Judge

Rosemary M. Collyer

Date Filed

December 18, 2013

Companies

Government Agencies

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.