Citing “systemic misconduct at every stage of the mortgage servicing process,” the Consumer Financial Protection Bureau, 49 states and the District of Columbia will require one of the country’s largest mortgage loan servicers to provide $2.1 billion in relief to struggling homeowners.
Atlanta-based Ocwen Financial Corp. agreed to provide $2 billion in loan modification relief to its customers through principal reduction, plus another $127.3 million in refunds to foreclosure victims.
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