Items Tagged with 'Massachusetts'

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Massachusetts sues Ocwen for "abusive" mortgage servicing practices

Massachusetts already acted to prevent nonbank from operating in state
Massachusetts recently put Ocwen Financial out of business in the state as part of a wave of state regulators that placed various business restrictions on Ocwen for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank, but it looks like the state isn’t done with Ocwen yet. Massachusetts Attorney General Maura Healey also announced that the state is suing Ocwen for widespread “abusive” mortgage servicing practices.
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Ocwen takes Massachusetts, Illinois to court to fight mortgage restrictions

Nonbank says that states’ restrictions will cause “significant harm” to consumers
Last week, a raft of state regulators clamped new business restrictions on Ocwen Financial for alleged rampant errors with homeowners’ escrow accounts and other issues at the nonbank. Ocwen said that it intended to fight back against the state regulators’ accusations and business restrictions, and the company did just that on Tuesday, announcing that it is taking the regulators in Massachusetts and Illinois to court to fight for its ability to operate within the states.
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Ditech Financial fined $1.4 million for "abusive debt collection practices" in Massachusetts

Accused of making "excessive" debt collection phone calls
Ditech Financial will pay $1.4 million to the state of Massachusetts to settle charges that the company engaged in “abusive debt collection practices” by excessively calling borrowers to collect payment as well as not property notifying some borrowers of their mortgage information, the state’s attorney general announced recently.
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HSBC to pay $4 million to settle force-placed insurance kickback charges

Second settlement this month for HSBC
HSBC will pay a fine of $4 million as part of a settlement with the state of Massachusetts over charges that the bank took commissions and kickbacks for force-placed insurance policies. According to the office of Massachusetts Attorney General Maura Healey, HSBC received "compensation" in connection to the force-placed insurance premiums charged to HSBC’s borrowers.
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Sage Bank fined $1.2 million by DOJ for discriminatory lending

Massachusetts-based bank accused of charging higher fees to minority borrowers
Massachusetts-based Sage Bank will pay nearly $1.2 million to settle charges brought against the bank by the Department of Justice, which accused the Sage Bank of "engaging in a pattern or practice of discrimination on the basis of race and national origin in the pricing of its residential mortgage loans."
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Massachusetts real estate attorney convicted for mortgage fraud conspiracy

Involved numerous bogus short sales
A Massachusetts real estate attorney pleaded guilty last week to charges stemming from a wide-ranging scheme to defraud banks and mortgage companies as part of a conspiracy involving numerous sham short sales. In some cases, the purported third-party buyers were actually the spouses, parents or children of the purported sellers.
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