Mortgage Servicing Fraud
occurs post loan origination when mortgage servicers use false statements and book-keeping entries, fabricated assignments, forged signatures and utter counterfeit intangible Notes to take a homeowner's property and equity.
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Stephen
BBB: "F" Grades to Chase, Litton, Ocwen < WretchedRabbit > 09/09 07:31:31


 
 Monday, 30 August 2010 Written by Jorge Newbery Litton Loan Servicing received more consumer complaints than any other loan servicer in the three years through June 2010, according to the Better Business Bureau. The 794 complaints against Goldman Sachs' Litton led Morgan Stanley’s Saxon Mortgage at 631 complaints, American Home Mortgage at 597, Ocwen at 521 and Barclay’s HomEq at 161. The BBB gave Chase, Litton and Ocwen “F” grades due to the volume of complaints filed, their failure to respond and the seriousness of many complaints. Facing a BBB investigation in 2005 prompted by excessive complaints, the BBB voted to revoke Litton’s membership, but Litton promptly resigned. “They were arrogant,” said Dan Parsons, president of the BBB’s Houston chapter. “It was all about how much money they could make.”

Loan servicing has traditionally been a rather mundane business: collect payments from borrowers, earn a modest fee, and forward the majority of collections to investors. However, in the wake of the housing crisis, some servicers have clumsily transformed themselves into loss mitigation and modification behemoths, putting the fate of millions of American families in the hands of typically lightly trained, lowly-paid, and poorly incented call center employees. For Ocwen, loss mitigation is so lowly regarded that it’s been shuffled to India.

http://www.shamethebanks.org/jorge/bbb-f-grades-to-chase-litton-ocwen



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