WHY is the government so insistent on remaining in bed with Ocwen?
The GAO report from the VA debacle - http://gao.gov/products/GAO-08-60 - has shown that Ocwen performed poorly and committed fraud by billing the VA for property maintenance that was never done. Yet there were no fines or restitution for Ocwen in this case. "VA's contract with Ocwen also does not include sufficient authority for the department to impose penalties for unsatisfactory performance in key areas, such as property maintenance."
Yet it is right back into the sack with the scum....Ocwen never learns and evidently the government doesn't either. How can we ever make headway when we are ruled by retards who don't learn from their past mistakes?
Ocwen to Service $4.4bn of Non-Performing Mortgages
By DIANA GOLOBAY
August 14, 2009 8:08 AM CST
The servicing arm of Ocwen Financial Corp. (OCN: 9.4504 +0.00%) this week snatched up a servicing agreement on 24,000 non-performing mortgage loans owned by mortgage giant Freddie Mac (FRE: 1.41 -2.76%).
The interim servicing master agreement between the Ocwen Loan Servicing and Freddie, which took effect August 10, relates to single-family mortgage loans bearing an aggregate unpaid principal balance of $4.4bn, according to a company filing with the Securities and Exchange Commission (SEC) early this week. The outstanding principal balance split among 24,000 mortgages works out to an average $183,300 per loan.
Ocwen Financial made headlines elsewhere this week as it raised private capital through a public stock offering. It priced a public offering of 28m shares of common stock at $9 per share. Ocwen said it expects $239.4m in net proceeds, which it plans to use for general corporate expenses, including acquisitions and working capital.
Write to Diana Golobay.http://www.housingwire.com/2009/08/14/ocwen-to-service-44bn-of-non-performing-mortgages/