Following the news that the State of California is seeking to suspend Ocwen Financial Corp's license to operate in the state, Congresswoman Maxine Waters (CA-43), Ranking Member of the House Financial Services Committee, praised the action, which was taken following Ocwen’s failure to respond to requests for information from state regulators.

She released the following statement:

“For years I have been critical of the many abuses some mortgage servicers have heaped on consumers and the woefully inadequate response of our regulators. I am proud to see regulators in my home state of California are taking their duty to consumers seriously. No institution should be allowed to flout state or federal law. I commend the Department of Business Oversight for their diligence, and hope that the Department’s action will encourage all mortgage servicers in and out of California to carefully assess their practices and quickly come into compliance with the law.”

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