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Violation Tracker Individual Record

Company: Ocwen Financial Corporation and Ocwen Loan Servicing
Current Parent Company: Ocwen Financial
Penalty: $2,125,000,000
Year: 2013
Date: December 19, 2013
Offense Group: consumer-protection-related offenses
Primary Offense: consumer protection violation
Secondary Offense: mortgage abuses
Mega-Scandal: Mortgage Abuses
Violation Description: The Consumer Financial Protection Bureau, authorities in 49 states, and the District of Columbia filed a proposed court order requiring the country's largest nonbank mortgage loan servicer, Ocwen Financial Corporation, and its subsidiary, Ocwen Loan Servicing, to provide $2 billion in principal reduction to underwater borrowers. Ocwen was also required to refund $125 million to the nearly 185,000 borrowers who had already been foreclosed upon and was required to adhere to significant new homeowner protections.
Level of Government: federal
Action Type: agency action
Agency: Consumer Financial Protection Bureau
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: Georgia
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: financial services
Source of Data: (click here)
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.