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CA Attorney General Kamala D. Harris Announces $2.1 Billion Mortgage Settlement with Ocwen

CA Attorney General Kamala D. Harris Announces $2.1 Billion Mortgage Settlement with Ocwen

California homeowners eligible to receive an estimated $268 million in first lien principal reductions and nearly $23 million in cash payments
Thursday, December 19, 2013
Contact: (415) 703-5837

SAN FRANCISCO – Attorney General Kamala D. Harris today announced a $2.1 billion multistate and federal settlement with Ocwen Financial Corporation and Ocwen Loan Servicing, LLC (Ocwen) over alleged mortgage servicing misconduct.

The settlement makes California homeowners eligible to receive up to $268 million in first lien principal reductions and nearly $23 million in cash payments to borrowers.
 
“This settlement will help homeowners who’ve been misled while trying to modify their Ocwen mortgages,” said Attorney General Harris, “But our work isn’t done. Too many California families are still ‎coping with uncooperative banks and mortgage service providers. My office will continue to fight on their behalf.”

The settlement resolves allegations that Ocwen engaged in robo-signing, “dual tracking” of borrowers seeking loan modifications, and other misconduct in the course of its mortgage servicing activities. The settlement also resolves similar allegations against Homeward Residential, Inc. and Litton Loan Servicing, LP, which Ocwen acquired.

Ocwen holds nearly 390,000 loans in California, of which 12% are underwater. Ocwen holds approximately 6% of all California underwater loans.

5 responses to “CA Attorney General Kamala D. Harris Announces $2.1 Billion Mortgage Settlement with Ocwen

  1. Reblogged this on Deadly Clear and commented:
    California – ya gotta be proud!

  2. Thank you California! I am a resident of Ga, my house is due for foreclosure in Feb, 2014. I am 99.5 percent certain I know the Identity of the Shell Mers, aka
    Mortgage Electronic Registration Systems, Inc. Copyright 2012 by MERSCORP Holdings, Inc.
    A former Business partner, embezzled, over 600,000.00 dollars from me.
    They chose to walk away, we did not want that Business. They were constantly opening up shell Companies with the Ga Secretary of State, we had no idea they stole my identity to obtain loans, I just found the truth while researching the Real Estate deeds connected to my house! Over 300 cross referenced deeds?? I found and confirmed, they used my identity to obtain a loan in 12/10/07 to open an Business in the name GUESS???
    Mortgage Electronic Registration Systems, Inc. They have a fraudulent Bank, that does not exist with assets of
    1.5 million dollars! We think we have been paying them our House payment!!
    The last deed recorded was 10/17/13 it stated: Lender: Mortgage Electronic Registration Systems, Inc., as nominee for Fraud Bank, my loan #
    Investor account number.
    For value received GMAC Mortgage, l.,l.,C, In C/O Ocwen Loan Servicing, l.,l.,C, 1100 Virginia Drive, Suite 175, Fort Washington, PA 19034, all beneficial interest executed by my Husband’s Name And My Name.
    Notice the l.,l.,C, if you do not look carefully it appears to be GMAC Mortgage, LLC. The same with Ocwen Loan Servicing, LLC. The fraud Bank put up a website two months ago, I called the number it was the Chamber of Commerce? I don’t even think Ocwen knows this! So I have been making payments to who? I have sent 2 QWR letters with no response. I was just told I was turned down for a HAMP Modification, served with Foreclosure notice the next day. I sent a registered letter, signature requested, with another QWR to the above address, also requesting a signed affidavit, that there was no fraud in my mortgage. The next day they called me! They have NEVER CALLED ME! They said they would take my house off foreclosure they just needed my P & L, so I faxed it to them immediately. So, I am broke, I am going to a Bankruptcy Attorney, if they do not take it off, or delay the process.
    Then a Real Estate Attorney. I think I have uncovered a Huge scheme. I have been paying GMAC Mortgage to PO BOX 9001719 LOUISVILLE. KY 40290-1719. In 1/03/13 I received a statement from GMAC Mortgage owing 6,334.80.
    The same day I received a statement from Ocwen 1/03/13 saying I owed 12,615.08. My husband and I are co- borrowers, only his name is on the statement. I also sent a QWR to GMAC MORTGAGE 3451 HAMMOND AVE
    WATERLOO IA 50702, why do my payments go to LOUISVILLE KY
    PO BOX 9001719? Interestingly, my former business partner is from there!
    On bankrupt.com or harveyschool.com/…Ocwen-FHA it states GMAC mortgage as servicer for unknown holder PO BOX 9001719 LOUISVILLE KY 40290-1719.
    So, if the Fraud Bank only deeded my House over in 10/13/13 to OCWEN, who has been receiving my house payments? Some of the letters containing the statements say drop ship to Cedar Rapids, Iowa 52404.
    Who? OCWEN LOAN SERVICING, l.,l.,C 3700 J Street SW Suite 222
    Cedar Rapids, Iowa 52404.
    Investor name: Indecomm Global Services 2925 Country Dr St. Paul,
    MN 55117 aka US Recordings, Inc
    2925 Country Drive Ste 201 St. Paul,
    MN 55117 same phone number.
    Is anyone else paying to PO BOX
    9001719, LOUISVILLE KY 40290-1719?
    FRAUD ALERT!!!!!!!!

    • Mildred,
      Thank you for sharing your story. What a scam that was done to do. My suggestion is that you contact CFPB and Senator Warren to share your findings. For Ocwen to do an about face on foreclosure only tells me that they are aware of the scam. The Senate should having hearings on this as Ocwen’s execs should be investigated criminally and brought to Senate hearings as well as every individuals that created a shell company that scam homeowners. This is still going on as you pointed out. And banks have not cleaned out their acts. Let us know what happens. And Merry Xmas.

    • Also, you should contact FBI and contact James Comey who works for FBI. FBI has established a mortgage fraud task force. It sounds like your problem is widespread. 🙂

    • Mildred,
      One last thing. Here is another person that I just remember for you to contact: Fraud investigator and attorney Lynn Szymoniak. Here is her website. She runs a non-profit organization called The Housing Justce Foundation: http://thjf.org/

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