Mortgage Servicer Ocwen Cleared Of Misconduct Alleged By Bond Investors, Report Says

Mortgage servicer Ocwen Financial has been cleared of wrongdoing in a multi-billion dollar lawsuit brought by mortgage bond investors including BlackRock and Pimco, according to reports by HousingWire. Ocwen had fought the charges and claimed that the investors wanted to keep underwater homeowners from accessing a government loan modification program that would reap lower cash flow. On Wednesday, Ocwen released documents prepared by valuation experts Duff & Phelps which found no evidence of the negligence and misconduct alleged by the bond investors.