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Ocwen Under Investigation AGAIN

livinglies.wordpress.com | October 28, 2016

By Neil Garfield

The prime directive for Ocwen and other servicers is to produce as many foreclosures as possible, erring on the side of foreclosure even where there is a mistake in posting, balance, interest applied, ownership or authority.

THIS ARTICLE IS NOT A LEGAL OPINION UPON WHICH YOU CAN RELY IN ANY INDIVIDUAL CASE. HIRE A LAWYER.
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Anyone who has dealt with Ocwen will probably tell you that engaging with them is like swimming through thick molasses. After years of ignoring prior consent decrees without any material changes in their business practices, they are once again faced with extinction, which in my opinion would be a good thing for the marketplace even if it is a bad thing for Ocwen shareholders.

The prime directive for Ocwen and other servicers is to produce as many foreclosures as possible, erring on the side of foreclosure even where there is a mistake in posting, balance, interest applied, ownership or authority. Unlike the hundreds of years of banking process that suddenly changed in the era of "derivatives" they have no interest in correcting their books, giving correct information to the borrower, identifying the creditor, modifying the loan (a workout), or otherwise settling.

They are playing the numbers. 95% of all foreclosures are uncontested because people do not realize they can win their cases and more people would if more people fought back. So the game is to put the contested cases on hold while in uncontested cases fraudulent, forged, fabricated documentation and misrepresentation sails through the foreclosure system, whether judicial or nonjudicial. Hence even if the banks lost ALL of the contested cases they would still have a 95% success rate --- unless more people actually stood their ground.

It would be interesting if the CFPB or anyone else got hold of (a) the servicing agreements, if any, that they say supports Ocwen's role as "servicer" and (b) the email and correspondence before and after the agreement was executed.
And it will be interesting to see what the CFPB does with the "Power of Attorney" that springs up late in litigation because there is no servicing agreement.

 

 

 

 

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