‘Predatory Servicing’ Debate Rages as OTS Settles Charges With Major Subprime Shop
April 23, 2004
A second major subprime servicer has staved off action by a federal regulator by agreeing to make changes to its business practices. But consumer groups say the agreement doesn’t go far enough. The Office of Thrift Supervision this week announced a supervisory agreement with New Jersey-based Ocwen Federal Bank that requires the thrift to change key aspects of its servicing strategy, eliminate or