Ocwen Stock Tanking in Wake of Cease and Desist Order

Update: The Consumer Financial Protection Bureau just sued Ocwen for “failing borrowers throughout mortgage servicing process.  It says “mortgage servicer’s widespread errors, shortcuts, and runarounds cost borrowers money, homes.” CFPB Press Release CFPB Complaint The Commissioner of Financial Regulation for the State of Maryland issued a Summary Order to Cease and Desist and Partial Summary […]

CFPB Hated By Bankers and Beloved by Consumers

The Consumer Financial Protection Bureau (CFPB) is definitely the new kid on the  block, as far as regulators go.  It has some pretty powerful enemies, including the predictable Goldman-Sachs-JPMorganChase-Citibank-BankofAmerica-Wells-Fargo of the too-big-to-fail/too-big-to-jail swagger. When the foreclosure crisis was starting, circa 2008 and 2009, causing apocalyptic shock waves in my state, Arizona, among many others, I […]

CFPB’s Action Against Flagstar Bank Included a Benching Remedy

Reuters reports in the Fiscal Times regarding special features of the newest regulatory action taken against Flagstar related to servicing default loans, with the full article here: CFPB has in the past sanctioned mortgage servicers for similar violations, with limited success. This time, in addition to fining the bank $37.5 million (the bulk of which […]

CFPB Takes Action Against Flagstar Bank for Loan Modification Abuses

SEP 29 2014 Prepared Remarks of CFPB Director Richard Cordray on the Flagstar Enforcement Action Press Call BY RICHARD CORDRAY Today the Consumer Financial Protection Bureau is taking its first enforcement action under the Bureau’s new mortgage servicing rules. We are entering an order against Michigan-based Flagstar Bank for violating those rules by failing borrowers […]