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Ocwen spinoff isn’t worried about California ban

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Mortgage Professional America | 19 Jan 2015, 08:14 AM Agree 0
Executives at the company told investors they believe a suspension of the troubled company's mortgage license in California is unlikely.
  • Stanj | | 19 Jan 2015, 10:46 AM Agree 0
    As both an appraiser and a former client of Ocwen I have found the company to have submitted false and misleading information to its customers and its policies considered to be as unreasonable. Yes, The State of California should do its job of protecting the people from this and other unethical lending institutions.
  • Greg | | 19 Jan 2015, 12:03 PM Agree 0
    Entities such as Green Tree Servicing, in cahoots with Bank of America (aka BAC, aka BANA, fka Countrywide, ) with the help of their "trusty" substitute trustee lawyers, along with Fannie Mae, (this is just to name a few) are committing: forgery,wire fraud, mail fraud, securities fraud, racketeering, notary fraud(to name a few) , and fraud upon the courts all to fraudulently foreclose on homeowners who were LIED to from the beginning. Fraud at the inception, fraud in the middle, and now fraud at the end. Forging homeowners signatures on mortgage deeds and adding "ta da" endorsements and submitting the FORGED documents to the courts, who in turn look the other way . Welcome to America-home of the corrupt and land of the snakes.
  • joe | | 19 Jan 2015, 07:17 PM Agree 0
    Please google ( fees for friends scandal us department of hud ) look at the players and look at were they r today .even coumo that's right ocwen .these people r not there to protect us there there put a show on letting ocwen steal our homes life's and health .they want us to believe there doing something next there will be a settlement ocwen will go on doing the some thing !!! Why is it that other states see this and the complaints after complaints and r doing nothing .it's not just happening in new York and California
  • pdiddy | | 20 Jan 2015, 10:58 AM Agree 0
    California is accusing Ocwen of defying requests for information by the California Department of Business Oversight.
    Ocwen refuses to provide this information for it would prove to Califirnia what they already know.
    Like Greg said, forgery,wire fraud, mail fraud, securities fraud, racketeering, notary fraud(to name a few), including insurance and IRS fraud. Ocwen in the face of judges commit fraud upon the courts all to fraudulently foreclose on homeowners who were LIED to from the beginning. Fraud at the inception, fraud in the middle, and now fraud at the end.
    Some 186,000 homeowners were defrauded how many were in California? Where is Californian protection against Ocwen other then individual lawsuits. California is the second largest market for Ocwen, its well known how Ocwen uses the legal system to their advantage.
    The state of California should suspend Ocwen from doing business here in California and fine Ocwen just like the state of New York did, thousands of homeowners in California without the means to sue Ocwen directly are depending on action.
  • pdiddy | | 20 Jan 2015, 11:53 AM Agree 0
    We should not forget how Altisource is complacent working with Ocwen. After all it was created and designed by Mr Erby.
    What does Altisource do anyway, They are in charge of acquisitions and management of properties that Ocwen serviced.
    They also sell some of the properties they do not rent out using also created and designed by Mr Erby.
    How they acquire the properties is questionable. According to the state of New York at least three violations per foreclosed home were found in every foreclosure. Like not having standing to foreclose and taking the deed of trust. The first thing Ocwen does is create a REMIC opinion a document when filed with the IRS discharged the debt for the Investor creating a tax benefit for the investor. Then the investor use that very same REMIC opinion to file a credit swap insurance claim with a insurance company providing the investor up to ten times the original mortgage amount creating a windfall profit years ahead of scheduled. (Remember AIG bailout) The insurance proceeds provide the investor complete payoff of the note. In most cases this is normal and common, it how the investors protect themselves against homeowner default. However Ocwen has been accused of many misdeed including falsely creating defaults during mortgage modification processes that end up as a credit swap insurance claims. Why would Ocwen do that instead of modifying mortgages that do not include making the homeowner 90 days late. Its the deed of trust ownership. Ocwens role is that of owner of the servicing rights of that deed of trust but as they manipulate the homeowner into a mortgage modification that leads to a foreclosure the investor is paid off, leaving Ocwen to clean up by transferring the ownership of the deed of trust using forged assignments. How does Altisource involvement come into play. It is in the foreclosure process they lay claim to the deed using Altisource. Altisource will acquire the properties using another Mr Erby designed and controlled company called Western Foreclosure. This foreclosure company would effect the foreclosure process and charge massive fees all using forged documents. When unsuspecting homeowners loose their home in foreclosure they don't take care to see if Ocwen has the right to do so. In all cases researched by the state of New York it is found that Ocwen in fact did not have those rights. Thus the $150 million dollar fine Since the investor has been paid off from insurance proceeds they do not lay claim to the deed of trust, Ocwen(Mr Erby) comes in and cleans up up using all the auxiliary companies charging fees and ultimately gaining ownership of the deed of trust fraudulently according to the state of New York. I am positive if Ocwen actually complied with the state of California request regulators in California would shut them down which should lead the regulators directly to Altisource

    Why should Ocwen provide what he state of California wants? Even the CEO of Altisource a Mr. Erby hand pick manager states he feels the state of California will not shut them down...he states that and Altisources stock value goes up. His confidence level would be a lot different is the State of California focused on their dealings. We shall see where this goes, will the State of California shut them down for noncompliance or fine them like the state of New York did. I say shut them down now.
  • Joe from pa | | 20 Jan 2015, 07:17 PM Agree 0
    Does anyone out there know of nationwide credit inc????.ocwen withdrew my forcloser.and now they have sent it to nationwide credit inc.what does this mean can't get answers .still fighting they have there own credit reporting company to screw homeowners even more!!
  • Joe in pa | | 20 Jan 2015, 07:25 PM Agree 0
    They should do that in pa too .but it would make me very very happy if California shut them down
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