Ocwen Sued, Shut Down in Multiple States; MBA Lays Out GSE Reform Plan; Rates Rise

Ocwen Sued, Shut Down in Multiple States; MBA Lays Out GSE Reform Plan; Rates Rise

There are bad days, and worse days, and there are days like Ocwen Financial Corporation (OFC) had on Thursday. The company was not only sued on multiple grounds by both the Consumer Financial Protection Bureau (CFPB) and the State of Florida, but saw its operations effectively shut down by the North Carolina Commissioner of Banks. According to CFPB, Ocwen, headquartered in West Palm Beach, Fla., is one of the nation's largest nonbank mortgage servicers. As of Dec. 31, 2016, it serviced almost 1.4 million loans with an aggregate unpaid principal balance of $209 billion. It services loans for borrowers in all 50 states and the District of Columbia. First, the North Carolina commissioner, Ray Grace, issued a cease and desist order against the company after a determination that it "has engaged