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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arkygirl
Didn't Maryland throw Ameriquest out of their state some years ago, too?? Imagine the misery that was probably averted by this move!

Excerpt:

Ocwen under investigation
He said the state has also opened an investigation into the servicing practices of Ocwen Financial, one of the largest servicers of Maryland loans, and may look to revoke the company’s operating license in the state depending on the outcome of a review of individual loan files.

“Everyone in the mortgage industry has said they want to help homeowners avoid foreclosure. We want to ensure their actions are matching their words,” Department of Labor, Licensing and Regulation Secretary Thomas Perez said.

“This data collection will shine a bright light on servicers, and will help DLLR help homeowners.”

The Washington Post, reporting on this story, said that both O’Malley and Perez have accused the industry of being unresponsive to borrowers seeking help:

O’Malley and Perez accused the industry of failing to respond to homeowners trying to renegotiate their mortgages, citing complaints from residents who said they placed calls only to find busy signals, long waits on hold and a lack of assistance.

“We need the loan servicers to join with us, and not from Topeka, Kansas, from some 1-800 number, but here in Maryland so that we can reach out and do a better job,” O’Malley said.



http://www.housingwire.com/2008/02/20/maryland-forces-loss-mit-reporting-opens-investigation-into-ocwen/
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I am surprised to know that they are still practicing in Maryland or anywhere else for that matter.  Especially, after the OTS filed violations against Ocwen in court a while back.  That's when my loan got sold to Litton.

I don't believe I was ever informed about these OTS violations when Ocwen had my loan or anytime after it was given to Litton. 

Someone told me that a deal was made with several servicer's to take over Ocwen customers loans after the OTS investigation, and one of the servicer's was Litton.

There was a class action suit against Ocwen.  I don't know what is going on with that!
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Ed
Ocwen de-banked itself to get out from under the OTS agreement. Now they're taking the company private to stop having to file SEC reports. It's all too inconvenient.

I think the lawsuits are still going on. It's still part of the Multi District Litigation case # 1604 in Illinois. Every time someone sues Ocwen it gets rolled into that federal court case.
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4 justice now
Yes, the case is still blazing forward at the speed of a 100-year old sloth with really bad arthritis. But does it really does it really matter? as the outcome will likely be the same:

(1) The Law firms receive millions.

(2) Victims get screwed for a second time (at least).

(3) Criminals go free, keep their loot, and simply change the company name to start the process over again. (Although, the starting over part has become much less likely now (No thanks to our so-called legal system))

It's a good thing I'm not becoming pessimistic about this one 

JMO

4J
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Yeah!  You guys are right!

When I complained to the OTS about Ocwen, the investigator told me they are a savings and loan now, not a bank.

Also, when I filed a complaint about Litton with the Maryland State Department of Financial Regulations, the investigator after finding out it was against Litton, he acted strange.  He said they had made some type of deal with Litton to service Fairbanks customers loans due to a class action suit.
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arkygirl
                Ocwen Financial Corporation Announces Termination of 'Going Private' Proposal
Tuesday March 11, 5:50 pm ET

WEST PALM BEACH, Fla., March 11, 2008 (PRIME NEWSWIRE) -- Ocwen Financial Corporation (NYSECN - News) (the ``Company'') today announced that it has been unable to reach an agreement as to the terms of a definitive agreement regarding a proposal (the ``Proposal'') made on January 14, 2008 by a group of investors led by William C. Erbey, Chairman and Chief Executive Officer of the Company (``Mr. Erbey''), Oaktree Capital Management, L.P. (``Oaktree'') and Angelo, Gordon & Co., L.P. (``Angelo Gordon'' and, together with Oaktree, the ``Sponsors'') to acquire all of the outstanding shares of the Company for $7.00 per share in cash. As a result, on March 11, 2008, the Sponsors delivered to the Special Committee of independent directors established to consider the Proposal (the ``Special Committee'') and to Mr. Erbey separate letters stating that the Sponsors were terminating discussions with the Special Committee regarding the Proposal. The Special Committee will continue to consider possible strategic opportunities for the Company, but has not made a decision with regard thereto. There can be no assurance that any transaction involving the Company will occur.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

I did some research on Oaktree Capital Management some time ago and it led right back to....drum roll, please....WILLIAM ERBEY and family! I looked at this buyout announcement with a jaded eye, seeing it for what it was.

This "going private" proposal was a shill to drive up the stock price for just a little longer so the company could be milked a bit more before the cow dies. Yes, sick cows can give milk, but it is poisoned and full of things that make real humans sick. The OCN cow is now keeling over making it much harder to milk......rumor has it that certain company principals have been asked to surrender their passports, but I cannot confirm that rumor.

What will the VA do now? Since the government's sole role in society now seems to be one of support for the crooks (banks, CC companies, mortgage servicers, Wall Street A-holes and their ilk) will OCN receive an infusion of cash from the Fed so it can continue to "service" VA contracts? The crooks are too "big" to allow death to come, so all we little citizens are being sacrificed at an ever-increasing pace to keep these thieving demigods alive....aack! (North Dakota is calling to me more and more....) All MHO, of course.

Today's OCN stock price: ($2.00 by next week?)

At 10:46AM ET: 4.47 Down 1.44 (24.37%)


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4 justice now
Thanks AG.

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Since the government's sole role in society now seems to be one of support for the crooks (banks, CC companies, mortgage servicers, Wall Street A-holes and their ilk.


While they continue to tax the heck out of the working people of this nation just so that they can continue to support their corporate masters, at whatever that cost may be: the total of our savings, our freedom, and/or the blood of our children. 

They also commit many of our resources towards various campaigns that try to keep our society in the dark and/or battling with false foes whom they have created all on their own at our expense.




JMO

R, 4J
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