Ocwen Says Critics Seek More Foreclosures, Fewer Modifications

Ocwen Financial Corp. said investors in mortgage-backed securities who criticized its servicing policies are trying to force more foreclosures.

BlackRock Inc. and Pacific Investment Management Co. are among holders of 119 residential mortgage-backed securities trusts that have accused Atlanta-based Ocwen of “imprudent and improper servicing practices.”

The allegations are an effort “to try and impose changes to standard servicing practices, with the goal of forcing more home foreclosures and fewer loan modifications,” Ocwen said Monday in a statement.