NCRC v. Ocwen?

The National Community Reinvestment Coalition is working with a Chicago law firm to bring a class action lawsuit against Ocwen Federal Bank FSB for allegedly engaging in abusive servicing and foreclosure practices.The community development group is preparing the lawsuit with attorneys at Edelman Combs & Latturner, said NCRC senior vice president David Berenbaum at the group's annual conference. He noted that the NCRC has fielded complaints from hundreds of people who allege that they have been harmed by the West Palm Beach, Fla., servicing company, but the attorneys are still trying to find the "perfect" class representatives to represent the plaintiffs. "The attacks against Ocwen and its mortgage servicing practices are misdirected and irresponsible," Ocwen general counsel Paul Koches said. He stressed that Ocwen will put up a vigorous defense against such lawsuits. The NCRC executive also complained about the Office of Thrift Supervision, which is Ocwen's primary regulator. "OTS has done nothing, absolutely nothing, to address the shortcomings of that company," Mr. Berenbaum said. OTS spokesman Kevin Petrasic said the agency cannot comment on specific companies. "We investigate any information we obtain -- whether from examinations, consumer complaints, or any other source -- and take appropriate supervisory action if necessary," Mr. Petrasic said.