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  • Ocwen facing CFPB investigation, potential fine for servicing practices

    It’s been nearly three years since Ocwen Financial agreed to offer $2 billion in consumer relief and pay up to $127.3 million to settle a Consumer Financial Protection Bureau investigation into its servicing practices. But it looks like Ocwen may not be done with the CFPB yet, as the company revealed Thursday that the bureau is currently investigating the company’s mortgage servicing practices, which could lead to a fine and/or other disciplinary action. Click the headline to read more.

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Secondary market players to discuss future RMBS issuance


According to Bloomberg, the Structured Finance Industry Group will hold a four-hour roundtable with about 35 executives in New York to reduce mistrust among secondary mortgage market participants.

The participants will attempt to answer a lingering question: When are lenders or sellers of mortgage securities on the line for loan repurchases when issues surface later on. Bloomberg reports:

“The time to have these discussions is now, and not over dinners, drinks and individual phone calls,” said Eric Kaplan, a managing director at Shellpoint Partners LLC, the lender backed by mortgage-bond pioneer Lewis Ranieri. “A lot of work has been done. The question is whether it’s enough. We don’t want a repeat of the housing crisis, where everyone got hurt.”

Source: Bloomberg

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