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
Off topic but relevant to some. Ocwen stock has dropped the past couple of days...a LOT.

It is now below $10.00 and if the curve holds throughout today will be much lower by day's end.

Investors are catching on to the servicer's games now, too. Or something else is going on....more lies and fake SEC report filings being discovered maybe? Maybe Ocwen can pull off one of its magician's tricks (they really hate for a loss to occur on Friday because it just sits there all weekend)and the stock almost always seems able to rise before closing on Fridays...

Something else to keep an eye on for interested parties. And a question:

If Judge Norgle in Chicago drags his feet on the class action until Ocwen files bankruptcy (something I see as entirely possible now) will Judge Norgle be liable for any damages himself? After all, he has had these stinking cases for...what...three and a half years now? How long can it all go on????
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A WiseOld Owl
Perhaps those whoe have been vitcimized will DIE off, and OCWEN will continue to to be perps. HUD loves them.
Wall$treet loves them as well.

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arkygirl
WiseOldOwl, perhaps you are right. And perhaps not.

The fact that the gov'ment and Wall Street loves Ocwen is NOT a good recommendation in my lights. "Crooks and liars of a feather flock together" and all that.

Time will tell. Washington DC AND Wall Street are both due a good flushing out..or douching out...or roto-rootering, something. People are not stupid and I think the majority have figured out that big gov'ment and big finance bankers/brokers/professional liars/professional politicians are bad for the country and its citizens.

I think a change may be coming from unlikely quarters.

Meanwhile, you offered nothing in the way of an answer to my question. Shouldn't you be at Yahoo OCN posting spam stock messages now or something? Lame-O....

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Nye Lavalle
That's why you have to name jane and john does and roes and go after the investors, trustees, outsourcers and everyone else. The servicers are remote bankruptcy entities that have been thinly capitalized and have virtually little if ANY assets themselves!
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Way To Go

Closed at $9.11.  Nice number.  Almost half of the 52 week high

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4 justice now
ArkyGirl:

You just made my evening!!!

Thanks!

4J
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mac
arky,

me too... thanks!! ocwen sucks!!

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Closed at $9.11.  Nice number.  Almost half of the 52 week high
****************************

AND:

Fast approaching junk status.

Fremont is $4.49.  Under $5.00 is junk status? 
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Who is the director that sits on the MGIC BOARD from Ocwen?   connect the dots!

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arkygirl
Well, let's see.

William H. Lacy served as Chief Executive Officer, President and Chairman of MGIC Investment Corporation located in Milwaukee, Wisconsin (private mortgage insurance) from October 1987 to December 1999. Mr. Lacy also served as Chief Executive Officer and Chairman of Mortgage Guaranty Insurance Corporation, a subsidiary of MGIC Investment Corporation from 1996 to 1999 and as its President from 1987 to 1996. He has been a Director of Ocwen Financial Corp. since May 2002 and serves as Member of its Audit Committee.

I cannot find any OCN board members who have a current connection with MGIC (MTG), just this one with a past connection. Maybe I am missing something.

I just keep looking at this and the cases are racking up daily. I also see that FIVE new cases are showed up on August 2, 2007 in Norgle's courtroom where I suppose they will languish until time's end along with the rest of the class action cases. Does anyone have any clue what is going on in Norgle's mind that this Ocwen quagmire has festered so long under his very nose?

http://dockets.justia.com/search?query=Ocwen&search=Search&stateorcourt=&lawsuittype=&cases=
mostrecent&min-day=1&min-month=1&min-year=2006&max-day=18&max-month=6&max-year=2007
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Look just a little deeper into Lacy, and you find the connections!

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arkygirl
I cannot vouch for the accuracy of this profile: http://www.nndb.com/people/384/000128997/

William H. Lacy

Born: c. 1945

Gender: Male
Race or Ethnicity: White
Occupation: Business

Nationality: United States
Executive summary: CEO of MGIC Investment, 1987-99

    University: US Air Force Academy
    University: BA Business, University of Wisconsin at Milwaukee (1968)

    MGIC Investment CEO (1987-99)
    MGIC Investment President (1982-99)
    MGIC President and CEO (1985-)
    Member of the Board of ACA Capital (2005-)
    Member of the Board of Johnson Controls (1997-)
    Member of the Board of Ocwen Financial (2002-)
    Greater Milwaukee Committee
    Mortgage Bankers Association of America
    National Association of Home Builders Mortgage Roundtable
    Young Men's Christian Association Capital Steering Committee

Mortgage Bankers Association of America

ORGANIZATION

Official Website:
http://www.mbaa.org/

NameOccupationBirthDeathKnown for
Stephen B. Ashley
Business
c. 1940   CEO of The Ashley Group
William H. Lacy
Business
c. 1945   CEO of MGIC Investment, 1987-99
David Lereah
Economist
?   National Association of Realtors
Angelo R. Mozilo
Business
1938   CEO of Countrywide
Joe K. Pickett
Business
c. 1945   HomeSide International, Inc.

Uh oh! This is bad, yes? There are SEVERAL BAD BOYS at MBA......

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4 justice now
I'm very surprised that this guy actually graduated from the Air Force Academy... I would have expected he, just like anyone else who graduated from any of the service Academy's to possess at least some level honesty and ethics. He must have slept through that course. Although, you really have possess those kind of values well before you ever get to that point in your life.


JMO

4J 
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Inside CIA
He's a company man.
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Joe B
Well, let's not slam USAFA so quick. No one graduates from a Service Academy then gets a BA somewhere else! He probably left for whatever reason, and then get his BA.

It's an interesting coincidence that around the mid to late 60's the USAFA suffered through an extreme cheating scandal. Could he have been caught up in it?

It adds up, if you do the math...

Joe
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Still Fighting
If you look a little deeper you will also see that Robert Parry was the CEO of the San Francisco Federal Reserve Bank and is also a director at Countrywide.

ROBERT T. PARRY, age 66, was president and chief executive officer of the Federal Reserve Bank of San Francisco from 1986 until his retirement in June 2004. In that position, he served on the Federal Open Market Committee of the Federal Reserve System, the governmental body that sets monetary policy and interest rates. He is also a director of Countrywide Financial Corporation, Countrywide Bank and Janus Capital Group Inc. He has served as a director of the Company since 2004.
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4 justice now
Joe,

Believe me, I wasn't slamming Air Force Academy... Actually it was quite the oppisite. I have the uttmost respect for the Naval Academy and I'm sure those of the the other services must have a good reputation as well, or at least I would certainly hope so. 


JMO

V/R,

4J
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arkygirl
Ocwen takes another dive:



08/09/2007 At 3:36PM ET:  7.55 Down 1.52  (16.76%) "Junk stock" status pending?? Suspension??

BTW, it looks like after Barry Wish dumped 1,000,000,000 shares recently there are no longer any insider holdings of Ocwen shares. Rats preparing to desert the sinking ship?

To top it off, Ocwen came in last in servicing performance, beating out such notables as EMC and Litton.

"Major subprime lenders — those who offer high-rate loans to riskier borrowers with bad credit — tended to be at the bottom of the list, including Ameriquest Mortgage, CitiFinancial Mortgage, Greentree Mortgage, Litton Loan Servicing, EMC Mortgage Corp. and Vanderbilt Mortgage and Finance. Rounding out the bottom were Option One Mortgage and Ocwen Financial, with scores of 669 and 627, respectively."

http://www.buffalonews.com/145/story/136585.html?imw=Y.


Click image for larger version - Name: ocwen.png, Views: 6, Size: 902 Bytes
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http://money.cnn.com/news/newsfeeds/articles/primenewswire/124819.htm

Ocwen Announces Renewal and Increase of JPMorgan Chase Credit Line
Prime Newswire


WEST PALM BEACH, Fla., Aug. 13, 2007 (PRIME NEWSWIRE) -- Ocwen Financial Corporation (OCN) announced today that its secured line of credit arranged by J.P. Morgan Securities, Inc. with nine participating banks has been approved by the parties for renewal and increase to $350 million, effective August 15th. The credit line is used by Ocwen principally to finance advances made in connection with its mortgage loan servicing operations as well as acquisitions of mortgage servicing rights. Previously, the credit limit was $300 million with six domestic and international banks. Members of the syndicate for the upsized line, which is being renewed prior to maturity of the existing line, include JPMorgan Chase Bank, Sovereign Bank, CIT Group, U.S. Bank, Wachovia, Commerzbank AG, Fifth Third Bank, Scotia Bank and Sun Trust.

Ocwen Financial Corporation is a leading business process outsourcing provider to the financial services industry, specializing in loan servicing, mortgage fulfillment and receivables management services. Ocwen is headquartered in West Palm Beach, Florida with offices in Arizona, California, Florida, Georgia, Illinois and New York and global operations in Canada, Germany and India. Utilizing our global infrastructure, state of the art technology, world-class training and six sigma processes, we provide solutions that make our clients' loans worth more. Additional information is available at http://www.ocwen.com.

CONTACT: Ocwen Financial Corporation         David J. Gunter, Senior Vice President and            Chief Financial Officer         561-682-8367         David.Gunter@Ocwen.com
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