Ocwen, Radian brace for court battle

by Ryan Smith11 May 2017
Between its various court battles with the Consumer Financial Protection Bureau and whichever state is suing it today, Ocwen must have a lot of money for lawyers. And now another court battle – this one with a mortgage insurer – is heating up.

In December, the embattled mortgage servicer sued Radian Guaranty, a mortgage insurer, alleging breach of contract and bad faith. Ocwen accuses Radian of failing to pay on more than 9,000 defaulted mortgages, according to a HousingWire report. The suit is pending in the US District Court for the Eastern District of Pennsylvania.

Radian, however, doesn’t plan to roll over for Ocwen. In its quarterly 10-Q filing, the mortgage insurer said that it maintains “that the claims in the Filings are without merit and (it) plans to defend these claims vigorously.”

Radian has filed a motion to dismiss Ocwen’s complaint, HousingWire reported.

“The complaint disputes the validity of claims dating back to 2007 and 2008,” a company spokesperson told HousingWire. “We believe Ocwen’s claims are baseless, and we’re confident in our robust and fair claims management process. We will continue to defend against these claims vigorously.”


Related stories:
Yet another state sues Ocwen
Ocwen challenges CFPB’s constitutionality

 

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