Ocwen Financial Corp., one of the biggest U.S. mortgage servicers, rejected as "groundless" accusations by an investor group that the company’s practices created defaults on home-loan bonds backed by debt it oversees.

"Ocwen denies that there is any basis for a default under the trust agreements, and it will respond, at the appropriate time," according to a letter sent by Richard A. Jacobsen on behalf of Ocwen to Kathy Patrick of Gibbs & Bruns LLP, which represents the bondholders, and distributed by Globe Newswire.

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