Ocwen and Bondholders Clash Over Mortgage Services.
Underlying the dispute is a simmering tension between bondholders and the companies, like Ocwen, that service the mortgages bundled into the bonds. Servicers are supposed to help the investors realize the greatest value from the bond, which can be achieved through foreclosure in some cases or modifications in others.
Rarely does such tension boil over into public. But on Friday, the law firm Gibbs & Bruns, which represents investors in 119 mortgage bonds serviced by Ocwen, released a statement accusing the company of failing to perform its duties.
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