Reg­u­la­tors say Ocwen mis­han­dled mort­gages

The Washington Post - - ECONOMY & BUSINESS -

State and fed­eral au­thor­i­ties have sued mort­gage ser­vicer Ocwen Fi­nan­cial, say­ing the com­pany botched the han­dling of mil­lions of mort­gage ac­counts.

The Con­sumer Fi­nan­cial Pro­tec­tion Bureau said Thurs­day that the ac­counts Ocwen ser­viced were rid­dled with er­rors through­out the re­pay­ment process. It said that the com­pany would go af­ter bor­row­ers long be­fore ver­i­fy­ing whether the debt was valid, ac­cused it of fore­clos­ing il­le­gally on at least 1,000 home­own­ers, and said that it charged bor­row­ers for add-on prod­ucts with­out their con­sent.

Florida-based Ocwen called the law­suit “po­lit­i­cally mo­ti­vated.” It is one of the na­tion’s largest non­bank mort­gage ser­vicers, fo­cus­ing mostly on sub­prime and delin­quent mort­gages, han­dling 1.4 mil­lion mort­gages worth about $209 bil­lion.

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