Regulators Are Suing Subprime Mortgage Servicer Ocwen for Years of ‘Deceptive Practices’

For the second time since 2013, the U.S. Consumer Financial Protection Bureau on Thursday sued Ocwen Financial over accusations of widespread misconduct in how it serviced borrowers’ loans, from foreclosure abuses to a basic failure to send accurate monthly statements.

News of the CFPB accusations plus related legal actions against Ocwen filed by at least 20 states sent shares of Ocwen crashing by nearly 60% in just over an hour, starting after a cease and desist order filed by North...

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