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January 2, 2014

Behind the Headline Numbers of a Mortgage Settlement

Corporate America has long known the public relations power of putting a big dollar number on a deal.

Regulators, it seems, do the same thing.

Ocwen Financial is a behind-the-scenes firm whose business is to gather mortgage payments from millions of borrowers and pass them on to the banks and investors that own the mortgages. But last week, Ocwen moved into the foreground after a federal regulator, the Consumer Financial Protection Bureau, ordered it to enter into a $2 billion settlement over allegations that it had mistreated struggling borrowers.

There were two parts to the settlement. First, the consumer agency required Ocwen to provide $125 million in refunds to borrowers who entered foreclosure. Second, Ocwen was also required to write down the outstanding amount owed on mortgages by $2 billion, to make the loans more affordable for the borrowers.”

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Read full New York Times article here

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