Ocwen, an Atlanta-based firm, will pay New York’s Department of Financial Services (DFS) $150 million awarded due to their wrongful foreclosure activity.
According to a court filing, the lawsuit accused Ocwen of commiting fraud by overcharging borrowers in order to drive up its own profits. The suit stated that Ocwen’s practices “exemplify how America’s lending industry has run off the rails.”
More information about the Ocwen Foreclosure Settlement can be found by visiting Reuters.
If you are concerned about a foreclosure, please contact us for a free consultation while the law is still on your side.