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WSJ | Ocwen Financial Discloses FTC Probe

WSJ | Ocwen Financial Discloses FTC Probe


MARCH 3, 2011, 5:09 P.M. ET

By RUTH SIMON

Ocwen Financial Corp. said it is under investigation by the Federal Trade Commission, which has asked the mortgage-servicing company for information about its employee training, debt-collection practices, loan modifications and foreclosure procedures.

The Atlanta company, one of the largest home-loan servicers in the U.S., received a formal legal request from the FTC for documents in late November, Paul Koches, executive vice president and general counsel at Ocwen, said in an interview. Ocwen is “fully cooperating” and is “not accused anywhere of any wrongdoing,” he added.

“We are taking it as informational and are providing the [requested] information,” Mr. Koches said. In a securities filing Monday, Ocwen said it had received a “civil investigative demand” from the federal agency.

Continue reading … Wall Street Jounal

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