With Its Back Against the Wall, Ocwen Takes the Battle With Regulators to Court, Challenging CFPB Structure
April 27, 2017
Ocwen Financial – its financial future hanging in the balance – this week filed court documents challenging the constitutionality of the Consumer Financial Protection Bureau, which late last week brought civil charges against the $200 billion servicer. Ocwen is hardly new to regulatory scrutiny, but this time around the situation is different. Just when it thought it had cleaned up its act on servicing residential borrowers, it was sued by the CFPB and smacked with cease-and-desist orders from at least 24 states. Those orders – which the company is already challenging in court – prevent...