“Florida among states suing Ocwen over mortgages, stock plummets”

By Brian Bandell  –  Senior Reporter | South Florida Business Journal | Apr 21, 2017 

West Palm Beach-based Ocwen Financial Corp. was hit by a lawsuit from more than 20 states, including Florida, and the U.S. Consumer Financial Protection Bureau, alleging that it mishandled mortgages, resulting in illegal foreclosures and other harm to borrowers.

The company was barred from acquiring new servicing rights in North Carolina and several other states. Shares of Ocwen (NYSE: OCN) plunged 55 percent to $2.44 on Thursday afternoon.

Florida Office of Financial Regulation Commissioner Drew J. Breakspear said Ocwen and its subsidiaries harmed Florida borrowers by filing illegal foreclosures, mishandling loan modifications, misapplying mortgage payments, failing to pay insurance premiums from escrow and collecting excessive fees.

Ocwen said it strongly disputes the allegations that it caused substantial harm to consumers.

Read the full article, by Brian Bandell on the South Florida Business Journal.