Yesterday over 20 state regulators and the CFPB took action against Mega-Servicer Ocwen for its continuing inability to address sloppy servicing practices.

Ocwen fueled its amazing growth (as of December it serviced approximately 1,393,766 loans with an aggregate unpaid principal balance of approximately $209 billion) by specializing in sub-prime loans.

Since the vast majority of credit unions are out to help their members, as opposed to squeezing every last penny out of them, there is a natural tendency to view news reports such as this one as simply one more example of “Lenders Gone Wild”.

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