Economy

USA regulator sues Ocwen for 'deceptive practices'; shares plunge

USA regulator sues Ocwen for 'deceptive practices'; shares plunge

The Consumer Financial Protection Bureau and 20 state regulators on Thursday took legal action against mortgage servicing giant Ocwen over allegations that the company dropped the ball on normally simple practices, which allegedly cost up to 1,000 customers their homes because of unwarranted foreclosures.

Those are just a few of the violations the CFPB alleged in its 93-page complaint.

The CFPB's lawsuit against the West Palm Beach, Fla. -based firm alleges widespread incompetence and negligence cost consumers money or their homes.

Man Group adds $8 billion in first quarter
Meanwhile, the completed acquisition of U.S. and Europe-based real asset manager Aalto, which completed on January 1, added US$1.8bn to Man's funds.

At the end of previous year, Ocwen serviced almost 1.4 million loans with an unpaid principal balance of $209 billion, according to the consumer bureau. Mortgage servicers don't own the mortgage, but are in charge of collecting payments and making sure the accounts are credited correctly.

The survival of one of the nation's largest nonbank mortgage servicing companies was thrown into question Thursday as the company was hit with federal and state lawsuits, including a cease-and-desist order in MI, for allegedly failing borrowers with mistakes, shortcuts and other problems that cost some people their homes. If you purchased shares of Ocwen on or before April 20, 2017, please visit the firm's website at http://www.rosenlegal.com/cases-1105.html for more information.

The CFPB, the state of Florida, and other state agencies are suing Ocwen or issuing cease-and-desist orders against the company in the joint action filed Thursday. That order forced William Erbey, then executive chairman, to step down from his roles at Ocwen and related companies.

The Argos Therapeutics (ARGS) Given Daily Media Sentiment Rating of 0.10
The average true range of the stock is observed at 0.10 and the relative strength index of the stock is recorded at 21.47. A trend analysis is a method of analysis that allows traders to predict what will happen with a stock in the future.

"The consumer bureau has uncovered substantial evidence that Ocwen engaged in unfair and deceptive practices", CFPB Director Richard Cordray said, adding that thousands of customers were harmed. The frustrating and expensive experience of one consumer cited in the CFPB lawsuit illustrated the problems some borrowers confronted when dealing with Ocwen.

— Neglected to properly investigate and respond to complaints about errors.

Ocwen has been in regulatory trouble before. Instead, the company accused the consumer watchdog of conducting a "flawed review of data" and reaching a "self-servicing conclusion about isolated instances where Ocwen self-identified ways we can do better". The company had to refund $125 million to roughly 185,000 borrowers at the time and provide $2 billion in principal reduction to homeowners who were underwater in their mortgages.

Japan and Australia to deepen ties amid North Korea tension
Mattis struck an even tougher tone on North Korea in an interview with reporters traveling with him to Saudi Arabia. The White House foreign policy advisor said that Pence will also praise Widodo's "leadership on counter-terrorism".

Ocwen allegedly filed illegal foreclosures, collected excessive fees, mishandled loan modifications and misapplied mortgage payments, according to Florida's offices of the Attorney General and Financial Regulation.


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