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Ocwen Responds to Mortgage-Investor Criticism – WSJ

In an escalation of its fight with a group of large mortgage investors, Ocwen Financial Corp. issued a lengthy rebuttal of claims that the company was responsible for poor mortgage-servicing practices.

In a letter disclosed Monday, Ocwen rejected efforts the investors are making to remove the firm as the servicer of billions of dollars of mortgage pools.

“Ocwen has explored and identified untenable legal arguments and factual misapprehensions underlying” the investor claims, Ocwen’s general counsel wrote to trustees who will examine both sides’ arguments.

In January, the investors, including asset managers Allianz SE’s Pacific Investment Management Co., Kore Capital LP, MetLife Inc. and BlackRock Inc., sent a letter to the trustees over the mortgage pools, saying that Ocwen had improperly enriched itself, made imprudent loan modifications and failed to maintain adequate records or account for all the funds it was handling for the investors.

via Ocwen Responds to Mortgage-Investor Criticism – WSJ.

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