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
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 Parent:
USA
HQ State of Parent:
Georgia
Ownership Structure of Parent:
publicly traded
Major Industry of Parent:
financial services
Specific Industry of Parent:
financial services
Source Notes:
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note:
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.
