Ocwen, which has an outsized presence in Maryland and which is the largest subprime mortgage servicer in the United States, has settled allegations by New York’s financial regulator, but still faces trouble in California. It is also in serious financial trouble: its stock closed at $7.71 on January 21, which is down from $16.01 a… Read more
Ocwen is a mortgage servicing company: it’s paid to collect payments from consumers in Maryland and elsewhere, deal with escrow accounts, and sort out any problems that arise. Servicers do not necessarily own the mortgage itself, only the “servicing rights”. The CFPB’s guidance for examining mortgage servicers explains “[t]his is because some entities have expertise… Read more
This must-see fantastic video about forced arbitration, also available on YouTube, tells you pretty much everything you need to know about forced arbitration and why and how it is undermining access to justice in the United States. As of the date of writing this blog entry (12/1/2014), the video has less than 7,000 views on… Read more
Fine print boilerplate is everywhere, but what can be done to stop it? Theresa Amato writes in The Nation that the Consumer Financial Protection Bureau should take four steps to promote fairness in consumer contracts: Read more
Two debt brokers (businesses which buy junk debt, then sell it to other junk debt buyers) were sued by the FTC earlier this year for posting on the internet private personal financial information about individual consumers for public view, as part of their attempts to market portfolios of junk debt to JDBs. Read more
CFPB has fined U.S. Bank over its sale of two identity & credit protection add-on products they offered credit card customers. “Privacy Guard” and “Identity Secure” were paid services sold to credit card customers between 2003 and 2012. Sold as add-ons for credit protection, CFPB found that some customers didn’t get the protections they were… Read more
Many people do not even know that there are guidelines on consumer protection from the United Nations, here. Read more
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