One of the main factors in the economic crash of 2009 was the subprime mortgage crisis, which caused people across the country to lose their homes due to foreclosure. Now, some of those who lost their homes will see some remuneration from the largest non-bank servicer of home mortgages, Ocwen Financial Corp.
Ocwen Financial, which specializes in subprime and deliquent loans, must pay $2.1 billion to about 185,000 borrowers nationwide who lost their homes after the economic collapse. Federal complaints were lodged by the Consumer Financial Protection Bureau, officials from Washington, D.C. and every state with the exception of Oklahoma. The complaints alleged that Owen “committed a range of unlawful acts, including improperly rejecting loan modifications, charging customers inappropriate fees and failing to maintain accurate account statements,” according to the Baltimore Sun. Of this $2.1 billion judgment, $88 million (4.3% of the total relief) is expected to go to Maryland. 2,641 borrowers in Maryland who lost their homes are eligible for cash payments.
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