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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Angelo
Can someone please explain this situation to me, ocwen is selling MSR's to HSLL for close to 2.67 billion. Who is now the servicer for these loans?  

Trying to figure out whats going on here, HSLL is a co. based in the caymen islands.  Why would ocwen sell its servicing rights to this company?

Here is the link for Ocwens 8-K which was filed with the SEC.
http://secfilings.nyse.com/filing.php?doc=1&attach=ON&ipage=9020239&rid=23

All responses will be appreciated.

 
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Football 48
This is going on en masse. As soon as a homeowner becomes aware of the fraud being committed against them...they move the phony loan so as not to get caught.

Start applying pressure and make them validate the debt with a full accounting.

Report them to your AG.FTC.CFPB.
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Its called "MRS Flipping."

Reuters Update1 dated June 13, 2013-Ocwen to buy mortgage servicing rights from OneWest Bank for $2.53bln. Ocwen will purchase about $78 billion in unpaid principal balances of mortgage servicing rights(MSRs) through a combination of cash and available credit.
The total purchase price includes $446 million in respect of the MSRs and $2.1 billion for the servicing advances, Ocwen said in a regulatory filing.

Edgar Online- Ocwen Financial Corp., Form 8-K, filed on 06/13/13 

Do the numbers look similar ?
 
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Football 48
By the way, Ocwen is named in Szymoniak v. Ace Securities et. el.

This case could be explosive for millions of homeowners.

Are you in a securitized trust? THE TRUST IS CLOSED.

Excellent post above. Our servicer bought our msr for .77 cents on the dollar...Reuters.
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Are they selling ALL the MSRs?
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....
Angelo wrote:
Can someone please explain this situation to me, ocwen is selling MSR's to HSLL for close to 2.67 billion. Who is now the servicer for these loans?  <br><br>Trying to figure out whats going on here, HSLL is a co. based in the caymen islands.  Why would ocwen sell its servicing rights to this company?<br><br>Here is the link for Ocwens 8-K which was filed with the SEC.<br><a href="http://secfilings.nyse.com/filing.php?doc=1&attach=ON&ipage=9020239&rid=23" target="_blank" rel="nofollow">http://secfilings.nyse.com/filing.php?doc=1&attach=ON&ipage=9020239&rid=23<br><br></a>All responses will be appreciated.<br><br> 


It seems pretty strait forward. The company is NOT "HSLL" it is "HLSS" or in other words Home Loan Servicing Solutions Holdings LLC, which is the parent company. It has a subsidiary, Home Loan Servicing Solutions Ltd. which most likely will actually be the company that is the new servicer.




On July 1, 2013, Ocwen Loan Servicing, LLC (“OLS”), a wholly-owned subsidiary of Ocwen Mortgage Servicing, Inc., and an indirect wholly-owned subsidiary of Ocwen Financial Corporation (“Ocwen”), completed a sale to HLSS Holdings, LLC (“HLSS Holdings”) and Home Loan Servicing Solutions, Ltd. (together with HLSS Holdings, “HLSS”) of rights to receive servicing fees (“Rights to MSRs”) and related servicing advances for a servicing portfolio of subprime and Alt-A residential mortgage loans (the “Transaction”).
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....
I'm not sure what you guys find so sinister about a servicer selling it's servicing rights. It happens all the time.
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Angelo
....

Thanks for the clarification, its my dyslexia kicking in.  Thanks for regurgitating the 8-K, I read the whole thing.

Just wondering why Ocwen would be moving or "selling" their servicing rights off shore, to a spin-off of ocwen from the caymen islands. 

This company has never serviced a loan of any kind, EVER!  Its a Co. created by Ocwen run by its former executive chairman founded in the caymen islands.  So yes, there is something sinister going on here, just way above my pay grade!

Why would Ocwen move all of these loans off book, to an island that has very strict banking secrecy laws, not to long after it signed a consent order, to a company that has never serviced a loan in it life.


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This question is directed to :"footbal48", who posted
In this thread:"
Question:

If the alleged loan is into a trust,
How can I prove ( in a way that will be
Admitted by the court), that the trust
IS CLOSED?..... How do I prove that?
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Football 48
Go to sec.edgar on line. Read Lynn Szymoiak PDF available at Foreclosure Hamlet or view her story on Sixty Minutes.
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Football 48
Look up your trust, then scroll down to look for the clocking date.
As per IRS and IRC requirements, the trust has a 90 day window and must be closed.
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Football48
Apologize....look for closing date.
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texas
Angelo, not above my pay grade, in due time it will be understood.
Apologies to the causalities.
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....
Angelo wrote:
....<br><br>Thanks for the clarification, its my dyslexia kicking in.  Thanks for regurgitating the 8-K, I read the whole thing.<br><br>Just wondering why Ocwen would be moving or "selling" their servicing rights off shore, to a spin-off of ocwen from the caymen islands. <br><br>This company has never serviced a loan of any kind, EVER!  Its a Co. created by Ocwen run by its former executive chairman founded in the caymen islands.  So yes, there is something sinister going on here, just way above my pay grade!<br><br>Why would Ocwen move all of these loans off book, to an island that has very strict banking secrecy laws, not to long after it signed a consent order, to a company that has never serviced a loan in it life.<br><span style="font-family: Verdana; font-size: 14px; line-height: 22px; background-color: #cccccc;"><br><br></span>


I really don't see your point Angelo. Honda is headquartered in Japan, Mercedes is headquartered in Germany, we could go on and on about companies that conduct business in the US, but their true parent HQ is in a different country.

HLSS has offices in Georgia and Florida....

http://ir.hlss.com/

As I posted before, there are a variety of reasons a servicer will sell its rights. Some may be more ethical than others, but none are illegal. Chasing the white rabbit down the rabbit hole is the reason so many people lose their homes. They are so memorized by the thought of trusts, securitization, ect... they just neglect to set forth the very robust defenses they have.
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Bill,
Charlymotin wrote:
This question is directed to :"footbal48", who posted
In this thread:"
Question:

If the alleged loan is into a trust,
How can I prove ( in a way that will be
Admitted by the court), that the trust
IS CLOSED?..... How do I prove that?


The closing date is specifically given in the Pooling and Servicing Agreement (PSA) for the trust. You can go to EDGAR at the SEC's website and find the PSA for your trust, pretty simple. There are several ways to get the PSA into evidence, these were discussed in other threads.

More importantly, WHY would you want to put the PSA into evidence? Why would you want to HELP the Plaintiff take your home? This has also been extensively discussed in other threads.

It would seem to simply ask an interrogatory asking for the closing date would do just fine and keep the PSA out.


On a different note, EVERY TRUST IS CLOSED. There is no legal argument that is going to help you there. We are starting to see decisions that once closed, a trust under NY law cannot take an additional mortgage which could be problematic if the proper argument is made AFTER forcing the Plaintiff to take a position and embrace a forged assignment, the Plaintiff will plead themselves right out of court, this has been discussed in other threads.

These arguments are chess, not checkers. They rely heavily on understanding the trust laws, local laws, rules, and knowing how to develop the argument using discovery. THE TRUTH IS THE LOANS WERE PROPERLY TRANSFERRED TO THE TRUST. This is a proof problem not a transfer problem. It would be difficult and cumbersome for the servicer to properly prove the transfer so they LIE. They uses MERS in an attempt to show the transfer because it is EASY. You have to let them LIE under oath then you can make these arguments, this has been discussed extensively in other threads.

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texas
Which loan was transferred?
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Football 48
....
Over 60 million homeowners have no idea their note was securitized. It is just now being discovered.

Millions of homeowners signed a mortgage with a LENDER. In too many cases, the lender no longer exists.

Through the process of securitization, the notes were bundled and sold without the homeowners knowledge
Which makes it impossible to find who owns your note. Additionally, msrs are rights to service the 'loan' but are purchased for pennies on the dollar...not the original amount of the loan.

What is sinister is the servicers and sub servicers never reveal the note were purchased by hundreds of investors and the loan has been paid in full. They collect under the disguise that they 'now' own your note.

Additionally, the investors own your note and they were fully aware of the scheme.

So explain to me...when the note is securitized...who then hold your note...hundreds of investors?

All too often, the homeowner is shamed into believing the servicer owns the note which has led to millions of illegal foreclosures..

So, I reiterate...demand validation of the original debt and full accounting from the loans inception.For too many Amercans, the servicer cannot produce original documentation.

Mortgage servicing rights are being sold and resold to keep the truth from being revealed.
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Football 48
To All,

Read 'You can't trust the mortgage paper trail' published by Nye Lavelle.

It is all there A to Z.
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Very good info, and thank you "football48"

I think I understood the securitized cut- off date thing, thank you guys

I want to comment what I think are advantage to the residents in NY State, regarding to
Ocwen behaviors:

1...ocwen agreed to withdraw all pending foreclosures ( at least in NY State), that has irregular assinments,
And has false affidavits ( google it)

2...Ny judge Chief, Mr Lippman has ordered few years ago, to require plaintiff's lawyers to sign an affidavit saying that they have reviewed the bank's suit and found it to have merit, they are risking their license in this

3...The New York Banking department has imposed a monitor to ocwen, because they have no complied
With the consent order related to the first numbered paragraph above ("ocwen agreed to withdraw...")

4...recently, NYS governor Mario cuomo has signed into law two bills that reinforces all of the above

Your comments are appreciated in this regard



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Hello "Texas"...
I want to know more about how the servicers bought the "loann" for pennies....

Is there any way to find it out?... Can you direct me to any source?

Or hire a legal researcher?..... Wait . Thats too expensive,

I prefer that you direct me to the right direction, if you dont mind

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Football 48
We googled our original lender. Reuters reported the now defunct lender sold loan portfolio for .77 cents on the dollar. In fact it was widely reported at the time of the sale...2010.
Several servicers bid on the loans.
One note, 'servicers' will not publish how much the original loan portfolio was valued at before purchase of servicing rights. There is a reason for that.
Lenders publish the value before the sale of servicing rights.
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Gus
Quote:
We googled our original lender. Reuters reported the now defunct lender sold loan portfolio for .77 cents on the dollar. In fact it was widely reported at the time of the sale...2010.
Several servicers bid on the loans.
One note, 'servicers' will not publish how much the original loan portfolio was valued at before purchase of servicing rights. There is a reason for that.
Lenders publish the value before the sale of servicing rights.

You guys are comparing apples and oranges.

A resale of mortgage servicing rights (MSR) is completely different than a resale of the securitized mortgages, which mostly remain in the trust to which they were originally transferred.

The value of MSRs varies with the loan servicing premium, the quality of the mortgage portfolio, the prepayment speed of these mortgages and prevailing market interest rates.  The value of MSRs for a portfolio of loans that is in default begins to approach zero.  In periods of very low interest rates, prepayment (through refinancing) of loans not underwater pushes the value of MSRs near zero.

The value of MSRs falls with interest rates and rises with interest rates.  With a rebound of market interest rates, the value of remaining MSR rights to portfolios of performing mortgages have risen.

Values of MSRs of premium mortgages not in default have historically traded at about 125 to 275 basis points.  That is about 1.25% to 2.75% of the face amount of the underlying mortgages.

The quoted .77 cents on the dollar probably does NOT reflect 77 cents on the dollar (77%), but rather exactly what is shown 0.77 cents on the dollar or 0.77%.  This might reflect a reasonable value for distressed servicing rights of a portfolio including a large number of non-performing or defaulted loans.  As can be seen from the discussion above, this is a significant discount to the range of typical MSR values and prices.
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This is getting interesting, my original lender filed bankruptcy too , even they found guilty by the massachssetts attorney general to produce toxic loans years ago.

After bankruptcy, mers made the alleged transfer/assignment of my loan... I guess that in prder to mers make the assignment, they supposed to have permission of the bankruptcy trustee under my original lender was, right?

( sorry for steer away from the conversation)
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Gus
Quote:
Trying to figure out whats going on here, HSLL is a co. based in the caymen islands.  Why would ocwen sell its servicing rights to this company?

Here is the link for Ocwens 8-K which was filed with the SEC.
http://secfilings.nyse.com/filing.php?doc=1&attach=ON&ipage=9020239&rid=23

All responses will be appreciated.


I suspect that there is a very logical answer to your question and in my view the sale does reflect more than a little mischief.

So far, Ocwen has resisted entering any consent decrees with various regulators.  As a state regulated savings bank Ocwen is not under the supervision of the Comptroller of Currency.

This is one of the reasons that Ocwen has continued to accumulate MSRs.  The other big banks are subject to the various settlements.  Ocwen can make more money engaging in unlawful, unethical and dishonest behavior with less risk.  Even so, the risk isn't non-existent.

By rolling some of the MSRs into separate offshore entities, Ocwen hedges against unfavorable regulatory action.  The offshore entities own the MSRs.  Ocwen continues to really perform the servicing under contract.  The offshore entities are more immune to the effects of regulatory action.

Also, Ocwen may view the market as favorable to the valuation of some of these MSRs.  So they can also float some public issues based upon the favorable valuations.  If Ocwen is selling, you can be sure that Ocwen thinks that even at these discounted prices the MSRs are overvalued!  Ocwen has probably removed the more performing loans from its portfolios and shifted more of the junk offshore.  They will give both the borrowers and their new investors a haircut, as always!
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Football 48
Gus...this is precisely why this continues.

Homeowners signed a traditional mortgage. Without their knowledge the 'loan' was securitized.

No one in America signed on for this. Their signatures were for a conventional loan or a form of it

Let us jump forward...Do you want to sell your home?

Where will the satisfaction come from???
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Damn !! Excellent question, football48 !!
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Football 48
Satisfaction of the note??
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Wade
Quote:
This is getting interesting, my original lender filed bankruptcy too , even they found guilty by the massachssetts attorney general to produce toxic loans years ago.

After bankruptcy, mers made the alleged transfer/assignment of my loan... I guess that in prder to mers make the assignment, they supposed to have permission of the bankruptcy trustee under my original lender was, right?

Take a very close look at the resume of the incumbent Democratic Governor of Massachusetts to understand why there is a problem in that state.  Did you notice that he was a senior executive and board member of the large subprime lender that went bankrupt? 

Follow the money and you will realize why there have been no prosecutions!
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Angelo
.... wrote:
Angelo wrote:
....<br><br>Thanks for the clarification, its my dyslexia kicking in.  Thanks for regurgitating the 8-K, I read the whole thing.<br><br>Just wondering why Ocwen would be moving or "selling" their servicing rights off shore, to a spin-off of ocwen from the caymen islands. <br><br>This company has never serviced a loan of any kind, EVER!  Its a Co. created by Ocwen run by its former executive chairman founded in the caymen islands.  So yes, there is something sinister going on here, just way above my pay grade!<br><br>Why would Ocwen move all of these loans off book, to an island that has very strict banking secrecy laws, not to long after it signed a consent order, to a company that has never serviced a loan in it life.<br><span style="font-family: Verdana; font-size: 14px; line-height: 22px; background-color: #cccccc;"><br><br></span>
I really don't see your point Angelo. Honda is headquartered in Japan, Mercedes is headquartered in Germany, we could go on and on about companies that conduct business in the US, but their true parent HQ is in a different country. HLSS has offices in Georgia and Florida.... http://ir.hlss.com/ As I posted before, there are a variety of reasons a servicer will sell its rights. Some may be more ethical than others, but none are illegal. Chasing the white rabbit down the rabbit hole is the reason so many people lose their homes. They are so memorized by the thought of trusts, securitization, ect... they just neglect to set forth the very robust defenses they have.

.....

Nobody is chasing any rabbits anywhere... And are you serious! Are you really trying to compare Honda, being a co. from japan and having offices and plants in the US or elsewhere to what Ocwen is doing? 

"HLSS has offices in Georgia and Florida..."  Just because some Co. opens an office in the US doesn't mean squat.  I will bet you that HLSS never services a single loan ever, the will make Ocwen a subservicer and have them do all the work.  Plausible deniability! 

Texas

please do tell.


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Megan
Quote:
Nobody is chasing any rabbits anywhere... And are you serious! Are you really trying to compare Honda, being a co. from japan and having offices and plants in the US or elsewhere to what Ocwen is doing?

"HLSS has offices in Georgia and Florida..." Just because some Co. opens an office in the US doesn't mean squat. I will bet you that HLSS never services a single loan ever, the will make Ocwen a subservicer and have them do all the work. Plausible deniability!

I don't think anyone doubts that there is mischief afoot. I think Bill's point is that simply moving assets offshore isn't viewed as inherently sinister.

Everyone knows that Ocwen is a criminal enterprise. Proving it in court is another matter.
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Texas is Right
texas wrote:
Which loan was transferred?


It's my belief that they multiple pledged notes to several different trusts and that is why so many are endorsed in blank. 

It's not rocket science to figure this out. 
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texas
Not illegal to multipledge/sale/assign even to multiple trust the payment intangible stream.
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texas
Roger, notes can be indorsed in blank or by special indorsement. Under UCC 3, difference between order paper and bearer paper.

Therefore you comment is not precise.
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Regarding to the note,
I would say that if the plaintiff suddenly finds the note, just follow the advice of one of the best lawyers:
Mr Max Gardner who said:

Quote:

The note is endorsed in blank with no transfer and delivery receipts. It is fine to endorse a note in blank, in which case it becomes “bearer” paper under the UCC. However, in order to prove a true sale from the Sponsor to the Depositor you must have written delivery and transfer receipts and proof of pay outs and pay in transactions.

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