A property services company has agreed to pay $550,000 and change its business practices to settle allegations that it violated state consumer protection laws by illegally profiting from Massachusetts homeowners facing foreclosure, Attorney General Maura Healey’s office announced Thursday.
Financial services holding company Ocwen Financial Corp. will acquire mortgage origination and servicing platform PHH Corp. for approximately $360 million in cash in a deal expected to close later this year.
Ocwen Financial Corp. announced yesterday it filed two related motions alleging that the Consumer Financial Protection Bureau (CFPB) is unconstitutional, and so its enforcement action against Ocwen should be thrown out.
