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Ocwen to Shell Out $56 Million in Class-Action Settlement

Livinglies's Weblog

Ocwen to Shell Out $56 Million in Class-Action Settlement

July 20th, 2017  |  by Alex Spanko

Ocwen Financial Corporation (NYSE: OCN) on Thursday announced that has reached a $56 million settlement over a federal class-action lawsuit, the latest in a line of issues for the troubled servicer.

The lawsuit stemmed from alleged problems with restatements in Ocwen’s 2013 and 2014 financial statements, as well as a 2014 consent decree from the New York State Department of Financial Services that prohibited the company from gaining additional mortgage servicing rights in the state.

The West Palm Beach, Fla.-based Ocwen originates and services reverse mortgages under its Liberty Home Equity Solutions subsidiary.

“While the company believes that it has sound legal and factual defenses, Ocwen agreed to this settlement in order to avoid the uncertain outcome of the trial and the additional expense and demands on the time of its senior management,” the…

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