Ocwen Financial, the largest non-bank mortgage servicer has been hit with a $100 million charge. Their crime – sending back-dated foreclosure notices to over 7,000 homeowners AFTER the payment deadline had passed.
Um, massive “Whoops” or massive fraud?
Apparently they admit it was just plain evil business practices. Why go through the bother of giving borrowers the chance to become current on their loans? Isn’t it easier to just take their homes?
Hopefully the homeowners who suffered from this dirty practice will be compensated. Though given the nature of the banking business I wouldn’t be surprised if their checks come too late to be cashed!