from youtube
This clip is not new, , but always refreshing refreshing to hear the truth,, way to go Liz !
Sunday, November 23, 2014
Friday, November 21, 2014
Ocwen Under More Fire From Regulators on Servicing Errors
from reversemortgagedaily.com
October 21st, 2014 | by Elizabeth Ecker Published in News, Ocwen, Reverse Mortgage,Servicers | 1 Comment
Following numerous investigations into non-bank mortgage servicers conducted by the New York Department of Financial Services, the regulator this week brought more claims against Ocwen Financial (NYSE: OCN) regarding its servicing practices in New York.
Specifically, the department found instances of backdating of borrowers’ servicing letters, which the regulator says caused undue harm to borrowers. Potentially, there were hundreds of thousands of letters backdated, the state noted.
In a letter sent to Ocwen Tuesday, the department’s superintendent Benjamin Lawsky and his staff point to a review finding letters to borrowers that were backdated 30 days from when the borrowers received them.
“In many cases, borrowers received a letter denying a mortgage loan modification, and the letter was dated 30 more than days prior to the date that Ocwen mailed the letter,” the regulator writes. “These borrowers were given 30 days from the date of the denial letter to appeal that denial, but those 30 days had already elapsed by the time they received the backdated letter.”
Lawsky’s letter also points to findings of letters sent by Ocwen to borrowers facing foreclosure indicating instructions as to how they could cure their defaults, but those letters were sent after the date when the borrower was able to take action toward curing the defaults.
“Even worse,” the letter says, “Ocwen did nothing to investigate or address the backdating issue when an employee questioned the accuracy of Ocwen’s letter dating practices and altered the company’s vice president of compliance.”
Ocwen initially responded to the letter through a press release with a statement indicating it had found 283 borrowers in New York who had received incorrect dates, 281 of whom are still current borrowers.
“Ocwen regrets that, due to software errors in our correspondence systems, we inadvertently sent improperly dated letters to some borrowers,” the statement reads. “As always, our goal is to avoid foreclosure. … We believe that we have resolved the letter dating issues that have been identified to date, and we continue our investigation as to whether there are additional letter dating issues that need to be resolved….”
But hours later, Ocwen rescinded its initial statement and issued another, indicating there may be more borrowers impacted in New York.
“Ocwen wishes to correct its statement in a press release earlier today that 283 borrowers in New York received letters with incorrect dates,” the company said. “Ocwen is aware of additional borrowers in New York who received letters with incorrect dates but does not yet know how many such letters there were. Ocwen is continuing its investigation into these matters. We are working with and fully cooperating with DFS and the Monitor to address their concerns.”
Ocwen’s share price plummeted following the news, closing down more than 18% from Tuesday’s open.
The company is the parent of Liberty Home Equity Solutions reverse mortgage originations platform and is a servicer of reverse mortgages.
Written by Elizabeth Ecker
Wilbur Ross quits Ocwen Financial
from housingwire.com
Bank of CyprusDeutsche Bankdistressed investorOcwen FinancialWilbur RossWL Ross
Distressed asset investor bringing his magic to Bank of Cyprus
Bank of CyprusDeutsche Bankdistressed investorOcwen FinancialWilbur RossWL Ross
Wilbur Ross, the high-risk turnaround exec famous for charging into metaphoric burning buildings of European financial institutions, is leaving Ocwen Financial (OCN) and several other companies where he serves as a director.
Ross, chairman and chief strategy officer of WL Ross & Co., will be assuming the role of vice chairman of the troubled Bank of Cyprus, serving under the bank's newly elected chairman, Josef Ackermann, formerly CEO of Deutsche Bank.
"I am delighted to help Chairman Ackermann and President and CEO John Hourican revitalize this institution," Ross said.
EU rules limit directorships of bank officers, requiring that he resign from several other Boards of Directors, includingAssured Guaranty Ltd., International Automotive Components Group, International Textile Group, NBNK Ltd., Navigator Holdings Ltd. and Talmer Bancorp Inc.
Ross, a distressed asset investor, has been involved in a number of high-dollar real estate deals and company restructurings over the past decade. In October 2012, Ocwen bought Homeward Residential from WL Ross & Co for $750 million.
Ocwen lays off 51 workers in Waterloo
from wcfcourier.com
Ocwen lays off 51 workers in Waterloo
WATERLOO | Almost a year after laying off 238 workers in Waterloo, Ocwen Financial Crop. announced another round of cuts.
On Thursday, Atlanta-based Ocwen Financial confirmed it sent out layoff notices Wednesday to 51 workers at its Waterloo location, at 3451 Hammond Ave.
“Ocwen appreciates the hard work of all of its employees and recognizes this is a difficult time for those affected by yesterday’s efforts to right-size its operations in Waterloo,” company spokesman David Millar said Thursday. “Ocwen remains committed to its Waterloo operations.”
In December 2013, Ocwen, a mortgage servicer that purchased GMAC Mortgage in October 2012 from bankrupt mortgage company Residential Capital LLC, pared more than 800 workers nationwide, including 238 in Waterloo, shrinking the location from its largest to its second-largest.
Those layoffs were staggered; Wednesday’s were effective immediately, Millar said.
Ocwen still has about 750 local employees.
Ocwen did not file advanced notice of the layoff under the federal government’s Worker Adjustment and Retraining Notification Act, according to Iowa Workforce Development spokeswoman Kerry Koonce.
WARN is designed to protect workers, families and communities by requiring most employers with 100 or more employees to provide notification 60 days in advance of plant closings and mass layoffs, according to the U.S. Department of Labor’s website.
“We’ll be following up with this,” Koonce said via email.
Today's Dead Cat Bounce Stock Is Ocwen Financial (OCN)
Thursday, November 20, 2014
Bravo President OBama
Great speech President.
We are all human, with the same needs and want's
Slide rule thinking has taken out, much of our compassion.
It's a real short trip, in this consciousness on this planet!
We are all human, with the same needs and want's
Slide rule thinking has taken out, much of our compassion.
It's a real short trip, in this consciousness on this planet!
Wednesday, November 19, 2014
New allegations against Ocwen
from wzzm13.com
(WZZM) -- Despite the best wishes of many, the housing crisis is not over. There were 700,000 foreclosures last year.
More than six years after the housing crash, lawyers for homeowners contend many mortgage companies are still making mistakes and foreclosing on homes when they shouldn't be. The biggest offender is Ocwen Financial.
WZZM 13 has brought the stories of many West Michigan residents who claim to be a victim of fraud by the company. While we have been reporting on Ocwen all year long, National Public Radio is now reporting on the alleged practices of the mortgage company.
Those practices include mortgage payments not recorded or returned, the inability to communicate with customer service representatives, illegal fees, and escrow mistakes. Most of the time these mistakes lead to foreclosure.
NPR is now reporting a new allegation, that Ocwen actually backdated loan modification letters, making it look like the homeowners had missed their chance to try to avoid foreclosure. As NPR reports, the pattern is the same: it usually starts with a small, fixable problem -- like a mix-up with an escrow account, or a homeowner missing a payment. Lawyers say it is usually something that can be corrected, but Ocwen adds charges in such large amounts that the problems become almost unsolvable.
Ocwen is not the only mortgage company alleged to do this; it is just the largest.
As lawsuits are filed and states continue to investigate, Ocwen denies any wrongdoing.
Still, WZZM 13 gets a couple of calls on average every week from West Michigan homeowners who claim they are being victimized by Ocwen and pushed into foreclosure.
RELATED: Ocwen accused of abuses in NY
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