South Carolina joins crackdown against mortgage-servicing firm

Livinglies's Weblog

Ocwen Financial Corp. isn’t a household name in South Carolina or most other states, at least not to anyone outside of the mortgage or foreclosure business.

But its profile is quickly rising.

While the pain from the last residential real estate crash has largely subsided, the hangover is just starting to intensify for the Florida-based company.

Ocwen is coming under siege for its alleged botched handling of bank accounts set up to pay property taxes and insurance for home-loan borrowers, allegations the company insists are inaccurate and unfounded.

The dispute came to a head a few weeks ago, when regulators in more than two dozen states — including South Carolina — filed a flurry of similarly worded legal actions to block Ocwen from taking on any new business within their borders.

“The orders are the culmination of several years of examinations and monitoring by multiple state regulatory agencies…

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About Here and Now

I rant about issues concerning foreclosure, real estate law and any topic of interest. Normally my day job is Fashion and Costume Design. I like writing and reading interesting subjects.
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