Ocwen Hit With $11.5M Verdict

A county jury in Galveston, Texas, has awarded a Texas woman $11.5 million in damages and attorneys' fees, finding that Ocwen Federal Bank engaged in "unfair, unlawful, and deceptive" loan servicing practices, according to attorneys for the plaintiff.According to the complaint, 64 year-old Sealy Davis took out a home equity loan secured by her Texas residence in 2002, and Ocwen serviced the loan. The complaint alleges that after Ms. Davis missed a payment due to illness, Ocwen failed to credit her for money that had been paid and began to foreclose upon her home while assuring her that she was on a repayment plan. In reaching the civil verdict, the jury voted 10 to 2 in favor of the plaintiff and against Ocwen, the defendant in the case. Ms. Davis's lead attorney was Robert Hilliard, who says he has an additional 100 clients with similar predatory-servicing complaints against Ocwen. Ocwen was preparing a response to the jury award that was not yet available by MortgageWire's deadline.