Ocwen Financial announced late Friday that it reached a $223 million settlement with the California Department of Business Oversight, ridding itself of the restrictions that hampered its mortgage business in California for more than two years.

The settlement includes a cash payment of $25 million. As part of the settlement, Ocwen is also required to provide an additional $198 million in debt forgiveness through loan modifications to existing California borrowers over a three-year period.

The terms of the new settlement are a far cry from Ocwen’s original California settlement.

Read on.

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