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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4 Justice Now

Simply beyond belief:

Freddie Mac to Outsource Delinquent Collection - Ocwen Financial (OCN) Chosen to Start
By: TraderMark   Tuesday, February 03, 2009 5:57 PM
Sectors: Finance
Symbols: FRE, OCN
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Ocwen Financial (OCN) is one of our sleepy stocks that generally moves slowly but today it took off - well in relative terms; this is no commodity stock or bank (who woulda thunk 5 years ago that banks would be considered the "volatile daytrader" stocks).

As we wrote late last year we should expect anything as Obama & Co try everything to keep delinquent homeowners in their homes. Their conduit will be Fannie/Freddie - many of these programs will be ill fated and lead to another round of defaults (kick the can policies) which will cost us more in the end. But that's a worry for another day.

Just remember, to get all the goodies the government is going to unleash on America you must be at least 60 days late. That's not going to cause a rush of now "on time" borrowers to go delinquent. Nope.

Today's policy as outlined below... which is moving Ocwen
  • Freddie Mac (NYSE: FRE - News) said today it is piloting a new Workout Strategy For High Risk Loans designed to keep more at-risk borrowers in their homes by employing third party servicers that specialize in servicing Alt A and other types of higher risk mortgages.
  • "A workout strategy is only as successful as the number of knowledgeable counselors available to answer the phone.
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4 Justice Now
To: Arky and the many other Ocwen fans out there.

I'm sorry, I truly should have provided a text warning on this one, such as:

"Do not read this immediately before, after, or while eating".  


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This just goes back to the inordinate amount of help that Ocwen has received from the government since its inception. OTS and FHA (Nicolas Retsinas was head of both agencies at the time) bent over backwards and bent a lot of rules to help get this criminally negligent enterprise off the ground.

Ocwen was recently saying that it was done servicing loans and didn't want to service them any more. That was the scoop right after the VA dumped them as its servicer. Sour grapes?

Suddenly it is modifying loans like crazy, throwing its own servicing agreements and the investors under the bus to do it. Now we know was to get another cushy contract with a criminally negligent GSE. They are all birds of a feather.

All this makes very clear to me is that the government could care less about any of us. I will always think that this is the mechanism one GSE has chosen to launder the  fraud in its portfolio.

There have long been rumors that Ocwen was started to clean up black budgets for the government. I don't know if that is true, but there certainly has been a lot of Ocwen/government collusion over the years. Why not launder for the GSEs too? There will undoubtedly be lots of money in it for both parties....and a nation full of homeless people to go with it.

Nobody can misapply payments, lose payments and railroad foreclosures like Ocwen. Nobody does it better, although some are coming close to adopting the same flaky software platforms and business practices as Ocwen. Litton, for instance...they will probably get hired to launder Fannie Mae's portfolio.

We are all well and truly screwed, aren't we? That I DO believe, if nothing else.

Does anyone know if Ocwen was ever approved to buy the piddly bank in TX?

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4 Justice Now

I too have been trying to find out if it was approved or not, but so far no confirmation. You're so right about Ocwen. I've been told that they were created to take advantage of the RTF monies associated with the 80s Savings & Loan quagmire. Now its TARP and their back at the gravy-train.

I recall the first and only time I happened to mention that they might be part of our Government's CIA black Ops funding operations. I was ridiculed for doing so. But the fact that our Government has treated Ocwen like an only child couldn't be a bit more blatant. I guess my wish that they simply disappear along with Bush and all his cronies was just that... wishful thinking.


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