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Loan-servicing company crashes after regulators say big errors cost borrowers their homes (OCN)

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The US Consumer Financial Protection Bureau on Thursday sued Ocwen Financial Corp and its subsidiaries, alleging the mortgage loan servicer’s “years of widespread errors, shortcuts, and runarounds cost some borrowers money and others their homes.”

Ocwen plunged more than 50% in trading and was the biggest percentage loser on the New York Stock Exchange.

The bureau said in a statement that it had uncovered evidence that Ocwen, based in West Palm Beach, Florida, had “engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process.”

Regulators from Wisconsin and more than 20 other state regulators have also issued read more >>>

Source:: BusinessInsider.Com

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