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.
Articles |The FORUM |Law Library |Videos | Fraudsters & Co. |File Complaints |How they STEAL |Search MSFraud |Contact Us
arkygirl
Birds of a feather......mate together.....and more victims are born. 

Ocwen Scoops Up Saxon Servicing Rights

                       
in News > Mortgage Servicing
By MortgageOrb.com on Monday 12 April 2010
 

Saxon Mortgage Services Inc. says it has entered into a negotiated mortgage servicing rights sale agreement with Ocwen Loan Servicing LLC. The transaction complements Saxon's strategy to enter the subservicing market, according to Anthony Meola, CEO of the Irving, Texas-based Morgan Stanley subsidiary.

"Saxon has proven its core competency of asset performance management in the distressed-servicing industry, and this sale marks an important milestone in our strategy toward becoming a premier subservicer by increasing our capacity for subservicing clients," says Meola.

The transfers to Ocwen will take place on April 16 and May 1, Saxon says. In an April 5 Securities and Exchange Commission filing, Ocwen, without naming Saxon as the seller, indicated it had agreed to buy residential mortgage servicing rights with respect to approximately 38,000 loans with an aggregate unpaid principal balance of approximately $6.9 billion.

A Saxon spokesperson has confirmed that the transaction is the same as the one noted in Ocwen’s Form 8-K, adding that the loans are predominately subprime.

SOURCES: Saxon, SEC
Quote 0 0
saxon hostage
What does that mean for those of us that have already been held hostage by saxon? Is this the final resting place for the mortgages from saxon that have held on this long? Why when companies get caught doing something, are the just able to sell or assume a different name?
 I think we need to start compiling a list of questions on this site to see if there is a common links between us. I will start.

Is your property one of the oldest in your area?
Has your abstract ever been missing?   
When your area was being developed way back when, was the media involved in giving people land for subscriptions to say, a news paper?
Has anyone ever went to the county recorders office and dug into who the lenders where prior to you purchasing the home?
Ever been divorced?
Are developers in the sec filings for your zip code?
In looking at all of the foreclosures in your area at the county recorders office, is the same person purchasing and or financing these homes?

These are just a few questions, there are so many hands in this mess, there has to be a common bond.

Quote 0 0
In our  last 2 houses we have been held hostage by the lender. We sold our second house to get away from Wells Fargo Home Mortgage. They were applying the same tactics as A.MC., Household mortgage, Master financial, Saxon, Wachovia, Chase Bank,and B of A. Wells Fargo is owned by Norwest Bank(bet you thought they were gone.) When securities(loan notes and other investment tools) are bought and sold both names are not always listed with the S.E.C. as parties in the transactions. After a lender is subject to class action lawsuits or a lot of scrutiny, they sell the Sub Prime notes to some body else. Lenders buy these note with the attitude in mind that Sub Prime borrowers are not worthy of owning a home. They are not willing to help you save your home because they know you did some remodeling, or a lot homes in your neighborhood, zip code or city or county. @ years ago while I was in California, Some one from Wells Fargo said they own about 70-80% of the foreclosed homes in the region. When we did our closing 2 years ago in Arizona(which  happened to be a short sale mind you) one of the documents disclosed that Wells Fargo bought our note, and Saxon bought the servicing rights. So to answer your question, we got away from Wells Fargo once, and they found us in our third home and tried to take it. Wells Fargo had to give the approval to short sale and Saxon pushed the foreclosure proceedings. When the trustees came to our door, they were not aware that our sale was in escrow. Big Banks  ans wealthy used  to control all the home, home ownership was an extremely difficult road to go down. When Bush pushed a law into place that allowed every body to realize the American Dream of home ownership, Big Banks had to come up with Sub Prime loans. This was the only way so many people could get a home, but then a lot of greedy wealthy souls started to capitalize on this pushing interest only and pick a payment loans. Any time you pay only interest, you defer principal. This causes you payment to multiply on a regular basis.when these loans were pushed, they dirty loan originators used a loophole called "Liars Loans". This was a legal way to exaggerate your income so you qualify, this is stated income. This is not a full doc loan. If you are dealing with a lender who does not ask for check stubs, bank statements, reserve funds I.E: "full doc loan" back away, then run to a reputable bank who will look out for you, find one who states they will service their own loans in writing. If you do Sub Prime, you will always be held hostage or captive to your debt whether the entity is dirty or not. The other problem with Sub Prime loans is they out all kinds of clauses in your contract making it easier and quicker to foreclose on you. In summation; beware of "Sub Prime" loans. Go pat off debt and fix your credit. Go to http://www.NACA.org, they are a nonprofit who can help. Contact HUD, they can assist. God Bless; Bryan
Quote 0 0

Asset analytics facilitates profitability optimization. It is achieved with reliability analysis that takes care of the components, parts and system etc. It ensures optimum asset performance management, without failure as per schedule. Maximo reporting and maintenance scorecard guides the maintenance professionals in order to plan and execute the maintenance strategies for judicious utilization of assets. 

 

Quote 0 0
floridapathy
We didn't get a sub-prime loan because we could not have gotten our house without it. We already had our house and were technically dupped into a sub-prime loan before the phrase "sub-prime" was well known.
Quote 0 0
HI, arkgirl,,  take a look at SAXON under DELAWARE CORPORATIONS,  116 separate filings for them,  same pattern as LITTON LOAN, CBASS, PRIVILEGED PROPERTY and now WATERFALL VICTORIA,  oh by the way all in some way associated with TONY ETTINGER, and some with banking operations in the CAYMAN ISLANDS.
 
Which Saxon are each of you involved with? 

Quote 0 0
Might like to check out OCWEN at the Deleware Sec. of State office of Corporations, only 59 of them, 
 
Why are there so many Deleware Corporatons?  Sen Dodd?  yep!   and there offshore banking in the Cayman Islands and Ireland! 
 
 
 

Quote 0 0
hmmm...
Does something smell fishy???

hmmm...
Quote 0 0
Write a reply...