Oregon ‘monitoring’ Ocwen Financial’s compliance with mortgage settlement

Oregon ‘monitoring’ Ocwen Financial’s compliance with mortgage settlement

Mike Francis | mfrancis@oregonian.comBy Mike Francis | mfrancis@oregonian.com
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on October 24, 2014 at 12:58 PM, updated October 24, 2014 at 4:28 PM

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Oregon is among the states “currently engaged” in examining whether Ocwen Financial has breached the terms of a $2.1 billion agreement with 49 states regarding its mortgage-modification processes.

“We are monitoring the issue closely,” Kristina Edmunson, spokesperson for the Oregon Department of Justice said by email Friday.

Bloomberg News reported that three other attorneys general are looking into whether Ocwen violated the agreement by backdating rejection letters written to homeowners seeking to modify their mortgages.

The accord required Ocwen, the biggest non-bank mortgage servicing business in the United States, to provide $2.1 billion in borrower relief, including $125 million to compensate people who lost their homes to foreclosure and the bulk of it in the form of loan principal forgiveness, according to a CFPB statement issued in December.

The letter from New York’s attorney general helped lead Moody’s to downgrade Ocwen’s debt, citing regulatory concerns.

— Mike Francis

Bloomberg News contributed to this report.

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