South Florida-Based Loan Servicer Scores No Points In New Report

The South Florida Business Journal reports:

• West Palm Beach-based Ocwen Financial Corp. and other subprime lenders are the subject of a critical report released Wednesday by The Center for Public Integrity. Public records show 21 of the top 25 participants in a $21 billion federal program to bail out home borrowers were involved in the subprime loan industry, the center said. The report gives more ammunition to critics who say some of the nation's largest financial institutions are profiting from bailout funds after helping to cause the economic mess in the first place.

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• The new report by the Center for Public Integrity says Ocwen has received $553.4 million in funds from federal Home Affordable Modification Program (HAMP). The report cites SEC filings that say Ocwen is the subject of about 64 lawsuits accusing it of abusive collection practices.

For more, see Ocwen target of critical report.

For the report by The Center For Public Integrity, see Who's Behind The Financial Meltdown (The Top 25 Subprime Lenders And Their Wall Street Backers).