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...Ocwen, a $550m New York-listed company which grew exponentially in the aftermath of the financial crisis as new capital rules in the US forced banks to offload their mortgage servicing businesses to non-banks...
...“Ocwen believes its mortgage loan servicing practices have and continue to result in substantial benefits to consumers above and beyond other mortgage servicers.”...
...JPMorgan Chase has agreed to buy rights to service $45bn of prime mortgages from Ocwen Financial, the home-loan servicing group being watched closely by regulators, as it seeks to improve the stickiness...
...Last February, for example, it began a public correspondence with Ocwen Financial, the non-bank mortgage servicing company which was rapidly picking up assets from the banks, detailing concerns over its...
...On Thursday the bank declined to comment. Ocwen said it “will continue to work closely with the NY DFS to resolve its concerns about Ocwen’s servicing portfolio growth”....
...The largest non-bank mortgage servicing company in the US reached a $2.1bn deal with state and federal authorities to resolve allegations that it took advantage of homeowners, provided false information...
...(Financial Times) Italian banks look to private equity firm for bad loans vehicle and fresh capital: UniCredit and Intesa Sanpaolo are expected to announce on Tuesday that they have signed a preliminary...
...denied changes to loans....
...plans to buy $39bn of mortgage-servicing rights from Wells Fargo....
...(Financial Times) Investors including Pimco and BlackRock are considering legal action against Ocwen Financial, in a sign of unease at the growing clout of non-bank mortgage-servicing companies which are...
...Walter, Nationstar and Ocwen Financial snapped up MSRs from their much larger bank competitors to achieve their improved industry ranking....
...The move is part of a trend of pure servicing companies bulking up to take on the banks. Shares in Ocwen rose 20 per cent to $34.88 – an all-time high....
...Ally Financial, the car financing company, said on Tuesday it will sell its Canadian operations to Royal Bank of Canada for about $4.1bn....
...Such loans require intensive and costly servicing....
...In a settlement on Thursday, the Federal Reserve announced a formal enforcement action against Goldman “to address a pattern of misconduct and negligence relating to deficient practices” in loan servicing...
...But many of those banks have either quit the business or gone under themselves. In May, Barclays sold HomEq Servicing to Ocwen Loan Servicing for $1.3bn in cash....
...BankUnited, the successor institution, will be the largest independent bank in Florida, as was its predecessor (BankUnited, FSB)....
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