Servicing

The Consumer Financial Protection Bureau (CFPB) has filed a lawsuit against Ocwen Financial Corp. and its subsidiaries, accusing the company of “failing borrowers at every stage of the mortgage servicing process.” The CFPB noted that the Florida Attorney General and “many state financial regulators... Keep Reading....
Wells Fargo has reported that, as of June 30, 2011, 696,085 active trial or completed loan modifications were in place, since 2009, on loans in its servicing portfolio. A total of 591,941, or 85 percent, of the loans were modified through the company’s own programs, with the remaining 104,864 loans... more
Resolving claims of unfair and discriminatory lending practices, Sand Canyon, formerly known as Option One Mortgage Corporation, will modify thousands of Massachusetts homeowners’ loans and make a significant payment to the Commonwealth of Massachusetts as part of a settlement valued at $125... more
Freddie Mac has announced the results of its second quarter numbers, posting a huge $2.1 billion loss for the second quarter of 2011 which ended June 30, 2011, compared to net income of $676 million for the first quarter of 2011 that ended March 31, 2011. The news of this huge loss comes the same... more
The U.S. Department of Housing & Urban Development (HUD) and the U.S. Department of the Treasury have released the July edition of the Obama Administration's Housing Scorecard—a comprehensive report on the nation’s housing market. The latest housing data offer continued mixed signals as home... more