SAN DIEGO, April 20, 2017 /PRNewswire/ -- Shareholder Rights Law Firm Johnson & Weaver, LLP is investigating potential violations of the federal securities laws by Ocwen Financial Corporation (NYSE: OCN) and certain of its officers. Ocwen, through its subsidiaries, is engaged in the servicing and origination of mortgage loans in the United States and internationally.
On April 20, 2017, Ocwen shares were cut in half after U.S. and state regulators made known they had sued the mortgage-servicing giant because it illegally foreclosed on borrowers, cut corners and failed to carry out basic duties.
The U.S. Consumer Financial Protection Bureau, described its lawsuit, stating Ocwen and its subsidiaries failed borrowers at "every stage of the mortgage servicing process" and committed "years of widespread errors, shortcuts, and runarounds." During this time, Ocwen allegedly was unable to send out accurate monthly statements or properly credit payments.
The CFPB alleged Ocwen "illegally foreclosed on struggling borrowers, ignored customer complaints, and sold off the servicing rights to loans without fully disclosing the mistakes it made in borrowers' records."
Specifically, Johnson & Weaver's investigation seeks to determine if Ocwen has violated federal or state laws in connection with its business of servicing and originating mortgages.
If you are an Ocwen shareholder and are interested in learning more about the investigation or your legal rights and remedies, please contact Jim Baker (firstname.lastname@example.org) at 619-814-4471. If you email, please include your phone number.
About Johnson & Weaver, LLP:
Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.
Johnson & Weaver, LLP
Jim Baker, 619-814-4471
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SOURCE Johnson & Weaver, LLP