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New York

Mortgage investors plan stance against Ocwen

A group of investors will warn trustees, master servicers of "servicing abuses"

From left: Ocwen president Ronald Faris andChris Katopis
From left: Ocwen president Ronald Faris andChris Katopis

Mortgage investors are planning to relay their distaste for embattled servicer Ocwen Financial in a letter to trustees and master servicers.

Investors sent out a Twitter message this week about a forthcoming letter in regards to Ocwen’s “servicing abuses.” Ocwen, one of the largest subprime loan servicers in the U.S., was accused last month by funding giants BlackRock and Pimco of handing residential mortgage improperly.

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“The Association of Mortgage Investors remains committed to the rights of investors,” Chris Katopis, executive director of the group, told Bloomberg. “We are currently reviewing action against a number of servicers for their actions that have been harmful for both investors and borrowers.”

State regulators have taken notice of the battle brewing and have held up the transfer of $39 billion in mortgage servicing rights from Wells Fargo to Ocwen. [Bloomberg] — Angela Hunt

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BlackrockOcwenSubprime Lending