Cutting payments helps stave off default, but principal reduction on underwater loans and lower consumer debt levels are less effective, according to JPMorgan Chase Institute's new study of post-crisis modifications.
Auditors performing a review of Ocwen Financial padded timesheets and claimed excessive and improper expenses, including lengthy travel and meals at strip clubs and casinos, according to a lawsuit filed against Fidelity Information Services.
State regulators felt they were strung along by the mortgage servicing giant Ocwen Financial after years of promises that were never fulfilled, resulting in successive enforcement actions against the company.
