Ocwen Denies Default on Mortgage Bonds Alleged by Investors

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Ocwen Denies Default on Mortgage Bonds Alleged by Investors

Ocwen Denies Default on Mortgage Bonds Alleged by Investors

Bloomberg-

Ocwen Financial Corp. (OCN), one of the biggest U.S. home-loan servicers, rejected as “groundless” accusations by an investor group that the company’s practices created defaults on mortgage bonds backed by debt it oversees.

“Ocwen denies that there is any basis for a default under the Trust agreements, and it will respond, at the appropriate time,” according to a letter sent by Richard A. Jacobsen on behalf of Ocwen to the attorney representing the bondholders.

Investors owning at least 25 percent of voting rights for 119 mortgage-backed securities deals sent a so-called notice of non-performance to trustees for the bonds, saying that the company has failed to meet its requirements as a loan servicer while shifting the costs of regulatory-probe settlements to them, according to a Jan. 23 statement by the bondholders’ attorney, Kathy Patrick of Gibbs & Bruns LLP.

[BLOOMBERG]

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