Breaking news: Ocwen foreclosures frozen after National Mortgage Settlement compliance failure

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As it turns out, it can get worse for Ocwen Financial. Less than one day after posting a massive loss for the first quarter of 2016, the nonbank has run afoul of the terms of the National Mortgage Settlement and is now forbidden from taking foreclosure actions on more than 17,000 loans.

According to Joseph Smith, the monitor of the National Mortgage Settlement, Ocwen is not yet back in compliance with one of the performance metrics of the National Mortgage Settlement that it failed in the second half of 2014.

Read on.

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