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Response to dixiegrrrrl (Original post)

Sat Dec 21, 2013, 11:07 AM

8. The CFPB is

really stepping up.

U.S. orders mortgage servicer Ocwen to help borrowers with $2 billion

By Emily Stephenson

(Reuters) - U.S. officials on Thursday ordered the largest nonbank mortgage servicer to provide $2 billion in help to underwater borrowers to resolve allegations of misconduct that led to thousands of people losing their homes.

Ocwen Financial Corp must reduce loan balances for struggling homeowners and refund $125 million to foreclosed borrowers under an agreement with the U.S. Consumer Financial Protection Bureau and officials from 49 states and the District of Columbia.

Ocwen failed to account for borrowers' payments, gave false reasons for denying loan modifications and robo-signed legal documents, the consumer bureau said.

In many cases, after Ocwen began servicing loans, it did not respect trial modifications that had already been agreed to by the lenders, consumer bureau Director Richard Cordray said.

- more -


This is why Republicans blocked Cordray for so long.

Elizabeth Warren: Cordray Vote ĎA Historic Day For Working Familiesí

Sen. Elizabeth Warren (D-MA) took to Twitter on Tuesday in praise of the Senate's vote to advance Richard Cordray's nomination to the Consumer Financial Protection Bureau, calling it a "historic day for working families."

Elizabeth Warren ✔ @elizabethforma

I couldn't be more pleased that Rich Cordray will finally get the vote that he deserves. This is a historic day for working families!
1:11 PM - 16 Jul 2013

47 Retweets 26 favorites


The Consumer Financial Protection Bureau gets busy (July)

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