April 24, 2017
Monday’s Adjudication Roundup
- The Consumer Financial Protection Bureau on Thursday sued mortgage servicer Ocwen Financial Corp. in Florida federal court alleging that the firm’s servicing database is riddled with inaccuracies and incomplete information that resulted in wrongful foreclosure proceedings against around 1,000 families
- Commerzbank AG urged a New York judge on Tuesday not to rethink his allowing its claims over the Bank of New York Mellon’s oversight of residential mortgage-backed securities to proceed, saying BNY Mellon cannot point to anything the judge overlooked.
- Wells Fargo announced Friday that it is expanding both the size of the fake account class action settlement and the time period the settlement covers by an additional seven years. According to an announcement from Wells Fargo, the settlement is being expanded by $32 million to $142 million, and now covers anyone who had a fake account opened in their name all the way back to 2002.
