US orders mortgage servicer Ocwen to help borrowers with $2 bln
Source: Reuters
U.S. officials on Thursday ordered the largest nonbank mortgage servicer to provide $2 billion in help to underwater borrowers to resolve allegations of misconduct that led to thousands of people losing their homes.
~snip~
Ocwen failed to account for borrowers' payments, gave false reasons for denying loan modifications and robo-signed legal documents, the consumer bureau said.
In many cases, after Ocwen began servicing loans, it did not respect trial modifications that had already been agreed to by the lenders, consumer bureau Director Richard Cordray said.
"After examining the potential violations, we've concluded that Ocwen made troubled borrowers even more vulnerable to foreclosure," Cordray said in a conference call with reporters.
Read more: http://finance.yahoo.com/news/u-orders-mortgage-servicer-ocwen-183715564.html
Well I'm glad some of the thousands who were abused by this company are going to see some compensation, but once again a very dirty company (I worked in the industry and saw a lot of their actions) admits no wrong doing, pays back a fraction of the profit they generated, and nobody goes to jail.
Call me unimpressed.
monmouth3
(3,871 posts)bluesbassman
(19,385 posts)Wouldn't surprise me if they were though. They do seem to have a penchant for companies that deal in human suffering.
Shadowflash
(1,536 posts)That was bought out by Ocwen over the summer. They fired all of us and moved our jobs to India.
monmouth3
(3,871 posts)pretty sure they are/or were the owners, at least at one time.
bluesbassman
(19,385 posts)They really are scum.
heaven05
(18,124 posts)I'm in my michigan 6 month redemption period. They turned me down since 2011, three time for modification of upside down loan. I make enough with social security and monthly postal pension to pay a reasonable amount.
bluesbassman
(19,385 posts)Best of luck to you.
ms.smiler
(551 posts)Do you have any idea how much fraud may be found on your Settlement Sheet?
Is your state a must record state? Must all conveyances be filed in your county land records?
What documents have already been filed in your land records on your property?
Have you checked the MERS look up tool? https://www.mers-servicerid.org/sis/index.jsp
With some additional information, you can also identify the Investor (owner) of your loan.
Have you checked the Fannie Mae look up tool? http://www.makinghomeaffordable.gov/get-assistance/loan-look-up/Pages/default.aspx
Does any of that information conflict with what appears in your land records?
Are you familiar with the MBS fraud that took place on Wall Street? Do you understand how that fraud directly impacts your mortgage loan and property Title? Do you have an understanding of securitized mortgages?
Do you realize you are most likely owed more in damages than whatever amount is supposedly due on your mortgage loan?
Do you know that you likely agreed in your mortgage contract to defend your Title and that you should defend against what is most likely a fraudulent foreclosure?
And if you are like me, and prefer playing offense to defense, have you considered a Quiet Title action?
azurnoir
(45,850 posts)3 years ago we successfully completed a loan modification on our house, WF pulled every dirty trick in the book starting with telling us to stop making payments because a payment would nullify the modification process! Instinct and common sense said anytime a bank says don't pay us-look out somethings wrong very wrong and ending with playing games with whether or not the our signature on the final agreement had to be notarized, they said it didn't and then rejected it because it wasn't. Thankfully we're FHA and were it not for them stepping in our behalf we might not have made through
bluesbassman
(19,385 posts)Come to think of it, they're all pretty bad.
azurnoir
(45,850 posts)and that's DU
winstars
(4,220 posts)After they took over my loan, I Googled them and was horrified to see THOUSANDS of complaints at sites like ripoff dot com and others. I have not had any issues with them yet but I REALLY want to try to refinance my loan in 2014 to get away from these "people"...
Here is a link to some of their previous issues with NY:
http://nationalmortgageprofessional.com/news32764/new-york-state-demands-ocwen-revamp-its-servicing-practices
Nictuku
(3,621 posts)After they took over my loan, I did the same thing and was *horrified* when I read all the complaints.
I did start and succeed in getting a Re-Fi done, I'm not underwater, but we are on the edge and are barely hanging on these days.
Now a company called Cole Taylor Bank services the mortgage. I didn't find anything really bad about them in my research, so I'm a little relieved. But we have absolutely no control over who they sell the mortgage to, and for all I know I could end up back under Ocwen again.