Apr
20
Regulators Accuse Subprime Mortgage Servicer of Years of Abuses
ByFederal and state regulators unleashed a fusillade of lawsuits and enforcement orders on Thursday against the Ocwen Financial Corporation, a large mortgage servicer, aimed at curbing what they said had been years of flagrant and repeated abuses, including illegal foreclosures, deceptive fees and extensive mishandling of customers’ home loan payments.
Some of the regulatory orders directly questioned Ocwen’s ability to continue operating, and the market responded accordingly: Shares of the company fell 54 percent, closing at $2.49 per share…
Regulators Accuse Subprime Mortgage Servicer of Years of Abuses