Firm Accused Of Illegal Practices That Push Families
Into Foreclosure : NPR
The fallout from the housing
crisis isn't over.
According to Moody's Analytics,
there were 700,000 foreclosures last year. And some of those people probably
didn't need to lose their homes. Even now, more than six years after the
housing crash, lawyers for homeowners say mortgage companies are still making
mistakes and foreclosing on homes when they shouldn't be.
Loan Servicer Busted for Backdating, But Foreclosure
Victims Say Shenanigans Haven’t Stopped
On
October 24, Ron Faris, CEO of Ocwen Financial, made an unusual move for the
head of a $2 billion-a-year corporation: He apologized. Specifically, he sent
out a mea culpa-filled open letter addressing the 2.7 million homeowners whose mortgages are serviced by
Ocwen, apologizing for a glitch that backdated time-sensitive letters. “Letters
were dated when the decision was made to create the letter versus when the
letter was actually created,” Faris confessed. The missive came on the heels of
well-publicized allegations by New York’s Dept of Financial Services (DFS) accusing the company
of doing just that, and suggesting that the delayed loan modification letters
may have resulted in foreclosures. At first, Faris claimed that only 283 New
York homeowners had been impacted. However, he quickly retreated from that
number after DFS said the number could be higher, way higher—perhaps in the “hundreds of thousands”—and not confined to New York.
New allegations against Ocwen
(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.
Wells Fargo Ends Sale of Loan-Servicing Rights to Ocwen
– Bloomberg
Wells Fargo & Co. (WFC)’s deal to sell $39
billion of residential mortgage-servicing rights to Ocwen Financial
Corp. (OCN) was canceled by mutual agreement after New York’s top financial
regulator delayed the transaction.
Ocwen Affiliate Discontinuing Force-Placed Insurance
Altisource Portfolio Cites Uncertainties With Industrywide
Litigation
Altisource Portfolio Solutions S.A. , an affiliate of
the mortgage servicer Ocwen Financial Corp. , said that it is pulling out of its business
providing home insurance to mortgage borrowers whose coverage has lapsed.
Lawsuit targets Ocwen over fees, seeks class action |
Reuters
Nov
6 (Reuters) - Mortgage servicer Ocwen Financial Corp faced a lawsuit this week over
accusations it committed fraud by overcharging borrowers in order to drive up
its own profits, according to a court filing.
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