Ocwen Facing Litigation Wave

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00003141-ocwen-facing-litigation-wave/

By Jim Freer, South Florida Business Journal

Ocwen Financial, one of the nation’s largest servicers of mortgages to consumers with low credit scores, may appeal a $1.8 million judgment in Texas as it strives to deal with hundreds of cases alleging fraud.

Plaintiff lawyers are currently seeking class action status for 57 federal cases being consolidated in Chicago and the West Palm Beach company says it is facing 331 lawsuits altogether. Ocwen previously wound down its savings and loan subsidiary after an enforcement action by the Office of Thrift Supervision.

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