The Consumer Financial Protection Bureau yesterday sued Ocwen, one of the largest mortgage servicers in the country, for mistreating homeowners in almost every way. According to the CFPB’s lawsuit, Ocwen routinely failed at sending accurate monthly statements, crediting homeowner payments, and paying taxes and insurance – taking money straight out of homeowners’ pockets. Allegedly, Ocwen also wrongly foreclosed on more than a thousand homeowners and misled borrowers into signing up for costly add-on products they didn’t need.
The CFPB continues to take bold action to hold big financial firms accountable and fight for the interests of working families. The agency won’t back down, which is why powerful companies – and their Republican friends in Congress – are so eager to leash the agency up. We don’t have big money on our side, but we do have our voices – and we’ll need to use them to protect the consumer agency.