Waters Applauds Consumer Bureau for Tackling Ocwen’s Predatory Loan Practices

WASHINGTON, D.C. - In response to the Consumer Financial Protection Bureau’s (Consumer Bureau) lawsuit against Ocwen Financial Corporation for years of incompetent handling of mortgage accounts, Congresswoman Maxine Waters (D-CA), issued the following statement:

“Enough is enough when it comes to Ocwen’s history of repeated, abusive treatment of homeowners. Their behavior is simply inexcusable, especially since homeowners don’t have the right to choose their own mortgage servicer. The executives at Ocwen have a decision to make: Clean up your act or close your doors.

“Companies like Ocwen, who put profits over people, are exactly why we need the Consumer Bureau. This is the only financial agency that stands up for those of us who have fallen victim to unnecessary complication, confusion, and attacks by bad actors in the financial system. I am glad to see that the Consumer Bureau continues to do its job, in spite of the unrelenting Republican campaign to slow it down or eliminate it completely. “

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