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NY Regulator Stops Ocwen-Wells Fargo Deal

thenewstribune.com | February 10, 2014

By Peter Rudegeair

New York’s top bank regulator has indefinitely halted Ocwen Financial Corp.’s purchase of the right to collect payments on a portfolio of mortgages from Wells Fargo & Co., a person familiar with the matter said on Thursday.

The New York Department of Financial Services, led by Superintendent Benjamin Lawsky, is concerned that Ocwen lacks the ability to handle the additional servicing load, the person said.

In January, Ocwen announced it was buying for an undisclosed sum the servicing rights to 184,000 Wells Fargo home loans with a total principal balance of $39 billion.

Lawsky’s office has previously taken action against Ocwen. In December 2012, the department announced that it was requiring the Atlanta-based company to install a monitor to ensure Ocwen was meeting certain mortgage servicing guidelines. Ocwen agreed to follow the mortgage-servicing rules, such as ending robo-signing and other practices, to get the regulator’s approval to purchase Goldman Sachs Group Inc.’s Litton Loan Servicing unit in September 2011.

A spokesman for Wells Fargo declined to comment. A representative for Ocwen did not immediately return a request for comment.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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