WASHINGTON, D.C. – U.S. Sen. Sherrod Brown (D-OH) – ranking member of the Senate Banking, Housing, and Urban Affairs Committee – issued the following statement regarding today’s action by the Consumer Financial Protection Bureau and state regulators against Ocwen Financial Corp. The CFPB alleges that Ocwen, one of the nation’s largest nonbank mortgage servicers, for years “engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process,” according to the bureau. Ocwen has been the subject of several enforcement actions and more than 23,000 CFPB complaints, including 675 complaints from Ohioans.
“Time and again, big banks and mortgage servicers have taken advantage of millions of hardworking homeowners who are struggling to keep up with their mortgages. Today’s action sends an important message that this kind of outrageous abuse of homeowners won’t be tolerated. This is yet another example of why working families need a strong and independent CFPB.”