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Ocwen CEO forecloses on massive number of homes through separate company

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Mortgage Professional America | 06 Nov 2014, 01:05 PM Agree 0
The billionaire set a skyrocketing foreclosure rate last quarter through a company he is chairman of, Altisource Residential.
  • craig smith | | 06 Nov 2014, 03:09 PM Agree 0
    Ocwen deserves all the attention they are receiving for their servicing performance. The staff is polite but unable to resolve the simplest of issues. The staff is unable to deviate from their script, it is as if you are talking to a computer. Ocwen nickels and dimes their delinquent customers ignoring past experience with the same individual and what the individual is telling servicing.
  • CRBSBM | | 06 Nov 2014, 03:27 PM Agree 0
    I totally agree. I have spent hundreds of hours on the phone with people who can't solve the simplest of issues. On top of that, there are many complicated mistakes in my paperwork which require that I try to get them resolved or walk away from 10's of 1000's of dollars in fees that have been tacked on to my mortgage.
    I have had some success in reporting my problems to the Consumer Financial Protection Bureau. Over the past couple of months I have submitted two complaints to them when I was getting nowhere with Ocwen Customer Service. Amazingly, both issues were resolved within a week with Ocwen doing what they should have done in the first place.
  • Wm Matz | | 06 Nov 2014, 04:24 PM Agree 0
    It is more than incompetence. Even when clients want to pay to reinstate, they are given conflicting information. This article may provide the reason: the Ocwen CEO wants to foreclose thru his other company and reap the profits. If the NY or other investigation can show that, the damages will be so large as to drive Ocwen out of business.
  • Fighter | | 07 Nov 2014, 06:02 AM Agree 0
    If you are having a problem with Ocwen, file a complaint online as soon as possible with the Consumer Financial Protection Bureau.
    Just this weekend I filed a claim for a check Ocwen cashed, cleared my bank , and refuse to post to my account.
    Ocwen customer service is unable to help with anything. File a claim.
    I did, and the Consumer Financial Protection Bureau presently has a case in process on my behalf.
  • Brian Mahany, Esq. | | 07 Nov 2014, 09:01 AM Agree 0
    Ocwen isn't alone when it comes to servicers accused of breaking the law on foreclosures. For residential foreclosures (CMBS special servicers have their own problems), backdating notices, not answering phones and giving homeowners the run around may be a violation of the federal False Claims Act. That law allows whistleblowers to receive up to 30% of whatever the government is able to collect from wrongdoers. Since the government can collect triple damages, those damages add up quickly.

    Most of the whistleblowers we represent don't come forward seeking rewards. They want to stop fraud and care about their work. If you have information about foreclosure fraud by banks or servicers, give us a call. We bring cases in the name of the United States seeking damages on behalf of taxpayers and work to insure our clients (whistleblowers) receive the maximum award possible.
  • Griff | | 07 Nov 2014, 10:48 AM Agree 0
    Lenders should be forced to service the accounts they lend on. Get rid of the selling of mortgages from one servicer to the other. Just another way of making money on money in this country. Let them sell the mortgages to fannie or any investor, but keep the servicing.
  • OnePissedCustie | | 09 Nov 2014, 06:06 AM Agree 0
    I sincerely think Ocwen is in the foreclosure business. Altisource gladly takes foreclosed homes & rents them. Ocwen also monitors your anger thru voice sensitive software, & I'm sure the customer care is anything but. I've had ongoing problems each month with their "serviceing" & I very much hope this might just be the moment their nasty business practices have caught up with them. Please, let them crumble & slither back from where they came.
  • | | 12 Nov 2014, 10:09 AM Agree 0
    Where are the criminal charges?
  • | | 13 Nov 2014, 11:10 AM Agree 0
    WHAT ABOUT THE BIG BANKS LIKE WELLS FARGO CONTINUING TO DO BUSINESS AS USUAL SETTING PEOPLE UP TO FAIL AND TO BE FORECLOSED ON AND DISREGARDING THE MOST RECENT MORTGAGE SETTLEMENT REQUIREMENTS. I WOULD BE UNDER A JAIL IF I TOOK GOV'T BAIL OUT FUNDS AND DID NOT USE THEM FOR THE PURPOSE THEY WERE DESIGNED FOR AND NOT TO MENTION A SETTLEMENT WITH RULES AND IF I BROKE JUST ONE I WOULD BE UNDER THE JAIL. WHY ARENT THESE BANKSTERS BEING CHARGED WITH CRIMINAL ACTIONS. THEY SINGLE HANDEDLY RUINED OUR ECONOMY, SET NUMEROUS PEOPLE UP TO FAIL AND LOOSE THEIR HOMES.THE FORECLOSURE EPIDEMIC WAS OFF THE CHARTS. MORE PEOPLE ARE HOMELESS AND LIVING IN DYER SITUATIONS AND THE GREEDY BANKSTERS HAVE A HUGE INVENTORY OF EMPTY HOMES JUST ROTTING AWAY AND NO ONE REALLY CARES. THE RICH RULE AND THE POOR JUST GET LEFT FOR DEAD. ITS JUST "W R O N G" ON SO MANY LEVELS. WHO CAN FIX THIS? WHO CAN HELP? IS ANYONE DOING ANYTHING? SHOULD I JUST LAY DOWN AND DIE? I AM SO DISCUSTED WITH THIS B.S. LYING MANIPULATION AND THEIVERY BY THE BANKSTERS. THAT DOG DONT HUNT. GRRRRRRRRRRRRRRRR
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