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Ocwen to pay $225 million over allegations of shoddy servicing

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Mortgage Professional America | 22 Feb 2017, 08:15 AM Agree 0
The embattled servicing giant is paying to settle allegations by the state of California that it violated state and federal mortgage regulations
  • Eddie | | 22 Feb 2017, 05:13 PM Agree 0
    I went through the same this that Joseph did, except I am in California, and didn't have to use an attorney. How can I find out if I am part of the settlement? I never received anything in the mail in regards to this.
  • | | 22 Feb 2017, 07:53 PM Agree 0
    My mother's going through a similar situation with ocwen mortgage company. she has been in her home for 27 years here in AZ. she is short three years of her 30 year contract. this company is telling her that she has met her mortgage aobligation even though they are not counting the years correctly, now they're telling her that they may foreclose on her do to the fact that she did not pay in full the remaning mortgage of $17,000 currently we are looking for somebody else to take the mortgage. It has been nothing but a hassle with this company. being that my parents are elderly and have health problems this has been very detrimental to them. If anybody out there has any phone numbers to help them out it would be greatly appreciated.
  • | | 22 Feb 2017, 08:22 PM Agree 0
    Spouse worked for this company . Through a buyout saw what these guys were up to was forced out because she new too much and might blow the whistle on them.
  • Hands Tied | | 23 Feb 2017, 12:10 PM Agree 0
    This happened to me as well. I am in in Pennsylvania. After about 4 years of trying to get the modification they finally approved it. But during those 4 years they were not sending me denial letters or explaining why I wasn't approved. They would not speak with me when I would call because I had to schedule and appointment to talk about it. When they would receive my paperwork, they would tell me it isn't clear enough for them to see it and they would tell me 30 days after the time frame for me to submit it which means I would have to start the process all over again.
  • patricia | | 23 Feb 2017, 04:08 PM Agree 0
    hey what about the rest of us in the 49 states.

    ocwen is a nightmare
  • David Schilling | | 27 Feb 2017, 05:02 PM Agree 0
    does anyone know where to find the claim form for this 2017 settlement? I might not be the best googler, all i find is information about a 2014 suit.
  • CA homeowner | | 28 Feb 2017, 12:06 PM Agree 0
    The real reasons why Ocwen refuses to work with homeowners is that they become owners of the properties they foreclose on.
    Even though Ocwen is supposed to be the servicer of the mortgage , they go from servicer to owner of the mortgage using forged assignments of deed of trust. After they get the investor paid off from credit swap insurance from AIG, instead of modifying mortgages so the homeowner want to keep it they screw it up so bad that the homeowner gives up walks away or allows a uncontested foreclosure.
    During the process of securitization Ocwen failed to perform the process properly and broke the titles on the MBS mortgage notes.
    They know they did it and know the best way to fix it is to foreclose and clear the title of defects. Title insurance companies are becoming aware of this and are refusing to offer title insurance since they know the title has been broken and also has robo docs "forged signatures" on the assignments making them VOID. Ocwen knows this and the get away with it.
    They even hired a hitman from Timothy M. Hayes as Executive Vice President General Counsel they hired him away from AIG he was General Counsel of the Financial Services Division of American International Group, Inc., This way when they have made insurance claims in the billion with AIG they have special help not getting investigated when they made false insurance claims fabricated by the same Ocwen VP's who run the operations at Ocwen. Nice work Ocwen GET a AIG top official working for you so you will have a fighting chance at not getting investigated by AIG when folks report to them they feel ocwen fabricated the insurance claim.

    Using MERS after Ocwen forecloses they place the property into a Ocwen holding company like Altisource or Western Progressive Foreclosure company both owned and operated by Ocwen management. In some cases where the properties hold values the Ocwen VP in charge will place then directly into thier own names using the same method of forging assignments using MERS. In Tuolumne County in California I discovered 22 properties in one Ocwen VP's name and 15 in a supporting foreclosure lawyers name.
    All properties were transferred without any monitory consideration, all the properties were illegally foreclosed on. the homeowners put out in the cold with ruined credit and lost equity. And who benefits from that a Ocwen VP....just go to your county recorder's office and see for yourselves how many properties are in Ocwen hands after they were just the servicer.

    When Ocwen can assign the properties to themselves, sell them in cash only auctions and keep the money, pay billions in fines, lose massive stock values or not go to jail, it all doesn't matter when a those very same VP's or supporting lawyers can abscond with real estate they acquire in foreclosures. When all the dust settles Ocwen VP's are getting rich on the backs of those they illegally foreclosed on.
    No one is doing a thing about it.

    You want to know how our government rewards those who run Ocwen take look at Wilbur Ross, Ross the day-to-day operations and personally determine whether to modify or foreclose mortgages—on about $132 billion in mortgages.

    Wilbur Ross was involved in Ocwen, serving on the board of directors. It routinely broke the law, with “systematic misconduct at every stage of the mortgage process,” according to Consumer Financial Protection Bureau Director Richard Cordray.
    Ross made decisions and led teams that illegally foreclosed on 186000 homeowners.

    Our government "Trump" rewards this billionaire by making him Secretary of Commerce.
    See no one is going to stop the carnage when the real big fish become agents of our corrupt government instead of being a residence of one of our fine privately ran prisons....another joke on American society.

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