OCWEN Hit for $125 Million Fine and $2 Billion Relief Requirement
Ocwen Loan Servicing required to make $2 billion principal reduction to current underwater borrowers and refund $125 million to 185,000 foreclosed borrowers (average $675). Ocwen cites failure at many stages of servicing including improper short-cuts, unauthorized fees, deception, improper consideration of modifications, misleading information, etc. [12/20]