Under Pressure From The NYDFS, Ocwen Ends Forced Place Insurance Policy

Kevin Dugan, NY Post Billionaire Bill Erbey is starting to bend. Bowing to months of regulatory pressure, Altisource Portfolio Solutions — part of a web of Erbey-controlled companies with ties to mortgage servicer Ocwen Financial — will stop imposing a costly type of mandatory insurance on homeowners. The company is discontinuing the practice “given the […]

What’s wrong OCWEN’s Altisource Asset Management?

Ben Lane, Housing Wire It hasn’t been a good day for Altisource Asset Management Corp (AAMC). In fact, the day is looking downright catastrophic. The company’s stock is currently trading at $840 per share, which is down more than $259 for the day. The company’s stock has lost more than 30% of its value in less than […]

1st Circuit COA Slaps Wells Fargo For Triple Damages For Jerking Around Homeowner

Sheri Qualters, National Law Journal A federal appellate court ruled that Wells Fargo Bank must face a Massachusetts consumer protection law claim that entails possible triple damages, plus additional claims, for its conduct toward a homeowner under a federal loan modification program. A unanimous U.S. Court of Appeals for the First Circuit ruling in Young v. […]

Ally selling collection rights on mortgages

Jessica Toonkel and Rick Rothacker, Washington Post Ocwen Financial is in the lead to buy a portfolio of mortgage-collection rights from Ally Bank worth about $1 billion, three people familiar with the situation said Thursday. The deal would help Ally, the bailed-out auto lender that is 74 percent owned by the U.S. government, raise money […]

U.S. Objects to Ocwen Buy of ResCap Loan

Dow Jones Newswires The U.S. is worried Ocwen Financial Corp. (OCN) won’t abide by a home-lending industry overhaul that was “designed to protect homeowners from future occurrences of mortgage-related abuse and fraud” when it takes over Residential Capital LLC’s servicing platform as part of a $3 billion deal. Papers filed in advance of a Nov. 19 […]

Ready to get started?

Speak to a specialist at (888) 737-6344