NYDFS Director Lawsky To Resign In January

The New York Daily News published a story on Monday stating that several key people in New York Governor Andrew Cuomo’s administration will be leaving now that Cuomo’s second term was affirmed by voters last week.

“Top aide Larry Schwartz is expected to leave early next year while Budget Director Robert Megna is set to go after Cuomo unveils his state budget in late January.”

Buried half way through the article is a brief mention that New York Department of Financial Services Director Benjamin Lawsky would also be leaving to go back into the private sector.

Lawsky has become famous with housing advocates in New York for taking on Ocwen Financial for misleading homeowners in foreclosure. Lawsky’s current investigation against Ocwen could reap $50-$100 million in fines to the state Treasury from Ocwen.

In August, Lawsky called Ocwen onto the mat for force placing escrows on homeowners who’s loans they were servicing in New York.

Ocwen isn’t the only mortgage servicer with questionable mortgage servicing that found themselves in the crosshairs of Lawsky and the Department of Financial Services. In April, Lawsky sent a letter to Nationstar Mortgage demanding details about the company’s staffing levels, modification procedures and affiliated businesses.

 

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