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Court holds Ocwen records sealed in CFPB dispute over trust accounts



Ocwen Financial is able to keep secret the answers to questions from the Consumer Financial Protection Bureau about the improper treatment of fiduciary accounts, a federal judge ruled.

The CFPB had argued that Ocwen's report responds to how it manages fiduciary accounts should not be sealed because of the significant public interest in the government's enforcement action, and they contained no trade secrets, Magistrate magistrate William Matthewman judged in a ruling Case in front of the US District Court for the Southern District of Florida.

In response, Ocwen returned several responses that contained sensitive personal information and revealed the servicer's internal procedures for conducting and verifying his control functions. The judge agreed.

"The Court has already stated that there is no common law on access to discoveries, and therefore public interest in the documents does not outweigh the defendants' interest in keeping the documents confidential at the time," says Matthewman. In addition, in line with the defendant's request to keep the answers confidential at the time of the case, the Court upholds the applicant's burden of proof in filing a sealed investigation request that the narrative answers remain confidential at the investigation stage of the dispute. "

Ocwen previously got into agreements with most state regulators and general advocates, who sued the company for similar reasons. As part of its response to this complaint in April 201

7, Ocwen challenged the constitutionality of the CFPB

A federal judge in New York recently ruled that the structure of CFPB was unconstitutional. On the other hand, the US Court of Appeals for the DC Circuit stated in January that the structure of the office was constitutional.

Separately, John Britti joins as Ocwen's interim Chief Executive and keeps the seat warm for Glen Messina, who is the top job at Ocwen once the deal is completed to acquire PHH.

  John Britti

John Britti joins as Ocwen's temporary general manager.

Ron Faris has been with Ocwen for 27 years, serving as President since 2001 and adding the 2010 CEO title. He announced his plan to leave the company by June 30 in April, creating a gap before Messina, the former PHH, created Corp. CEO, will join Ocwen

In addition to Faris' departure, former Chief Financial Officer Michael Bourque left the company on June 22.

Britti has been Executive Vice President and Chief Investment Officer of Ocwen since June 2014, and will retain these roles while serving as the interim CEO, which will commence on July 1, the company said in a Securities and Exchange Commission filing. From September 2016 to February 2017, he was also Interim Manager Risk Management at Ocwen.

Previously, he served as Chief Financial Officer from March 2012 to June 2014 and was responsible for EVP's finances and business development from January 2011 to January 2011. March 1965.

Prior to joining Ocwen, Britti worked from 2005 to 2011 Chief Operating Officer of Republic Mortgage Insurance Co. Before leaving new guidelines in September of the same year,

is former Vice President. Starting in 2004, he led Freddie Mac's sales and customer relations. From 1994 to 1998 he was Vice President of Pricing and Structured Transactions. Between these jobs at Freddie Mac, he was vice president at Capital One, where he led the savings and mortgage businesses.

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