Ocwen Tries To Buck Tax Reporting Class Action

Law360, New York (March 6, 2015, 4:32 PM EST) -- Ocwen Financial Corp. on Thursday asked a California federal court to dismiss a proposed class action alleging the company failed to report home mortgage interest to the Internal Revenue Service because the relevant statute does not allow for private action.

Plaintiffs George and Claudia Camberis should have sought a refund rather than suing Ocwen if they believed they did not receive the full amount of the mortgage interest deduction they were entitled to, Ocwen said. Two federal district courts have rejected the existence of a right to bring action for incorrect Forms 1098, which financial institutions use to report mortgage interest...

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