SHAREHOLDER ALERT: Goldberg Law PC Announces an Investigation of Ocwen Financial Corporation

21 April, 2017, 03:28 | Author: Leticia Walters
  • Screen Shot 2017 04 20

Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating potential violations of the federal securities laws by Ocwen Financial Corporation (NYSE: OCN) and certain of its officers.

In its complaint, the bureau claims Ocwen did not properly address complaints about mortgage servicing from customers over a period lasting several years, nor did the company's leadership listen to other executives who warned about inaccurate information caused by systemic failures in a proprietary software system aimed at streamlining the servicing process.

In a cease-and-desist order, the North Carolina commissioner said that according to a business plan Ocwen submitted to the state regulators, the company might not be able to remain afloat if it fixed all its problems, given the considerable costs to its systems and anticipated regulatory penalties.

It said the company would go after borrowers long before verifying whether the debt was valid, allegedly foreclosed illegally on at least 1,000 homeowners, and charged borrowers for add-on products without their consent. Instead, Ocwen suggested that the state use a representative sample of 457 accounts out of more than 2.5 million - a proposal that the committee rejected.

US and state officials sued Ocwen Financial Corp.

Ocwen was "unaware" of any comprehensive CFPB review of mortgage servicing practices, the statement said.

"Ocwen strongly disputes the CFPB's claim that Ocwen's mortgage loan servicing practices have caused substantial consumer harm", the company said in a written statement. The CFPB's complaint, filed today, alleged the Ocwen "engaged in significant and systemic misconduct at almost every stage of the mortgage servicing process".

However, Florida Attorney General Pam Bondi and the state's financial regulatory agency separately accused Ocwen of filing illegal foreclosures, failing to pay insurance premiums from escrow accounts and collecting excessive fees.

A spokesman for Ocwen said a statement was forthcoming.

Ocwen is one of the country's largest nonbank mortgage servicers, servicing nearly 1.4 million loans. The frustrating and expensive experience of one consumer cited in the CFPB lawsuit illustrated the problems some borrowers confronted when dealing with Ocwen.

Ocwen said it received the orders from state regulators and "are in the process of reviewing them in detail".

If you are an Ocwen shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker ([email protected]) at 619-814-4471. The CFPB went after Ocwen in 2013, again alleging that the company had failed to services its loans improperly. "I can't tell you the number of hours I and others spend on basic servicing technology blocking and tackling".

Recommended:

  • Eli Manning:

    Eli Manning: "I've done nothing wrong"

    Recently, the CEO of Steiner Sports, Brandon Steiner, had Manning's back, saying that he's "someone I would say I trust my children with".

    Green Investment Bank to be sold off in £2.3bn deal

    An official announcement is expected to be made by Nick Hurd, the climate minister, on Thursday, the Guardian understands. The bank, based in Edinburgh, will also continue to operate its two offices in Edinburgh and London .
    Jason Chaffetz announces he won't run for office in 2018

    Jason Chaffetz announces he won't run for office in 2018

    Chaffetz left open the possibility that he " may run again for public office, but not in 2018". Many of you have heard me advocate, "Get in, serve, and get out".
  • 'Star Wars Rebels' Trailer For Fourth And Final Season Promises Big Surprises

    'Star Wars Rebels' Trailer For Fourth And Final Season Promises Big Surprises

    Kennedy told the morning show, " Sadly, Carrie will not be in nine, but there is a lot of her in eight". But believe me, I can say I know what it's like when I don't get to end a series.

    Mexican's immigration status is in dispute over deportation

    He is now staying with an aunt and uncle in Western Mexico while lawyers file a lawsuit to uncover the details of the deportation. The statement also noted Montes had a previous conviction for theft that resulted in probation, a fact the lawsuit admits.
    Second suspect arrested over Stockholm truck attack

    Second suspect arrested over Stockholm truck attack

    Police had been looking for him since the Nordic country's Migration Agency in December gave him four weeks to leave the country. Explosives are said to have been found in the back of the beer truck that he hijacked from popular Swedish beermaker Sprendrups.
  • Apple gets green light to test self-driving cars

    By no means does this confirm an " Apple Car", in fact the permit granted to Apple covers the use of Lexus RX450h vehicles. The permit allows Apple to test drive three different vehicles with six different "drivers" sitting behind the wheel.

    Israel rules out talks with Palestinian hunger striking inmates

    However, Palestinians from the West Bank need an entry permit to enter Israel and the Israeli authorities often deny such permits. In his opinion piece in the Times , Barghouti said a strike was the only way to gain concessions after other options had failed.

    Senators beat Bruins 1-0, take 3-1 lead in series

    Bruins C Patrice Bergeron, a three-time Selke Trophy victor , was named a finalist for the award for the sixth time Wednesday. But a shot at redemption has come during the playoffs, and the Boston Bruins have been victimized by Ryan's resurgence.
  • Masters champion Willett likely to miss cut

    Still, Willett says he is learning to adjust and is confident that he will soon rediscover his best form. "Had no fear. Matsuyama's 2017 has started remarkably, finishing either first or second in his first six starts. "They've watched.
    Jackets' Werenski exits game after puck to face

    Jackets' Werenski exits game after puck to face

    Unfortunately, all that aggression still saw them lose the game, as well as lose forward Matt Calvert to a one game suspension. Even when they would win series, they would too often leave the door open for opponents or let series go an extra game or two.
    Nuri Sahin reveals Borussia Dortmund bus horror: I will never forget this

    Nuri Sahin reveals Borussia Dortmund bus horror: I will never forget this

    I was really concerned, scared for them (the players), I was scared for everyone. We all felt at the start of the match that this wasn't a normal game for us".


Popular

Philippines goes ahead with ASEAN meet after foiling attack
After the ASEAN meeting, Duterte and Widodo will fly to Davao to witness the launch of the Davao-Gensan-Bitung Roro route on April 30.

Samsung Galaxy S8 phones launched in Qatar
With screens of 5.8 inch and 6.2 inches, Samsung S8 and S8 Plus is the flagship phone of Samsung and a successor to the S7. The dual-camera setup, according to Kuo, will be the "most important upgrade" in the Galaxy Note 8.

Samsung heir denies bribery charges at hearing
Samsung intends to announce its first-quarter net profit and sales by unit when it releases revised earnings later in April. The global recall of Samsung Galaxy Note 7 actually hammered Samsung with a loss of about $17 billion.

Leonard has 32 points, Spurs rout Grizzlies 111-82 in Game 1
Speaking of Beverley, here he is earning endangered species status when he runs into a screen by the Thunder's Steven Adams. The Thunder came into the night the superior rebounding team, but they grabbed just 42 percent of available rebounds.

Ivanka fights to protect her first name
But King, who voted for Hillary Clinton, said she believes Trump's role in the White House represents a conflict of interest. It is not clear how Trump, now a federal employee, will navigate continuing ties to far-flung foreign business interests.