Ocwen Faces New York Regulator Probe

With personal knowledge – Ocwen is not better than IndyMac or any of the other “foaming the runway” Servicers that Geithner and the administration sold us all out for. My new bumper sticker: “Got Ocwen? Be pissed.”

Justice League

Ocwen Faces New York Regulator Probe

New York’s financial regulator is examining mortgage-servicing firm Ocwen Financial Corp.’s relationships with several businesses, saying that borrowers may be harmed because of the companies’ close ties.

Benjamin Lawsky, superintendent of the New York Department of Financial Services, sent a letter Wednesday to Ocwen seeking information about the company’s financial stakes in affiliated firms, services that the other firms provide Ocwen and agreements between the firms. Ocwen’s executive chairman, William Erbey, serves as chairman of the other firms.

Mr. Lawsky and other authorities recently have raised concerns that Ocwen and other nonbank mortgage-servicing firms have grown too quickly, resulting in many of the same problems for borrowers that were seen following the financial crisis.

The agency’s “ongoing review of Ocwen’s mortgage servicing practices has uncovered a number of potential conflicts of interest between Ocwen and other public companies with which Ocwen is closely affiliated,”…

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