From: http://www.financialsense.com/editorials/reality/Ocwen/1107.html
Bank by Gale Bullock
November 7, 2004
It is about the manipulation of the property, it's about the financing fraud, and about manipulating the cash flow from occupants of the property – owners, who to Ocwen are merely the present "victims in residence" to be mined for their cash and then kicked out so that the "property" can be recycled for more of the same games – not the sale of the property, but rather the manipulation of it! The sale will cut short the game – so the game is endless by design. Simply stated: It's pure undiluted calculated fraud. Everybody in the game gets ripped except the principals.
– participant in Kweku Hanson’s Class Action Lawsuit against Ocwen Federal Bank
"Complacency is no reward!” – Chevalier Harry Schultz
Just when you think you have most of the mortgage fraud and appraisal fraud figgered out, have written essays on this stuff, have file dossiers on several appraisers in the Central Missouri Region, and you are just waiting to squeeze the triggerfinger to the Missouri Real Estate Appraisers Commission in Jefferson City, you stumble across another Demon in the Reality of Realty con game – another tentacle [and a very big network, Black Market Economy Mafioso Network] in the Financial Rape of the American Public on Main Street America – using real estate for wealth extraction to the Monied Interests on Wall Street.
It is bad enough being financially raped by the Federal Reserve and the likes of Bernanke, McTeer, and Greenspan stealing our wealth – that Fatal Parasite on the American Body Politic! [1] I thought money market fund intermediation was about as bad as it got with the free source Wall Street money to pump to the GSEs [2], and the likes of the Fannie Mae fudge in their derivatives portfolio[3], but these scams absolutely take the cake.
It wasn’t until I performed a foreclosure REO appraisal for Ocwen Realty Advisors, or ORA, that I realized this company was not transparent. Researching the bank holding company, I found that it was not transparent either. Then I met one of the plaintiffs in Kweku Hanson’s Connecticut Class Action suit against Ocwen. I started digging into the Mafioso World of insider predatory lending [4] and mortgage servicing fraud [5] – fast becoming a wealth transfer mechanism [6] much like the Savings and Loan Scam [7] and the BCCI Scam. [8] With all the rhetoric about a real estate bubble, much like the BCCI and Savings and Loan Scams, the real estate markets have already been imploding over the past 10 years in one of the most secretive wealth transfers to Wall Street one could ever imagine – in much the same hush hush as the great wealth transfer in the BCCI and S&L scandal, well outside the news media. Financial rape and wealth transfer to Wall Street’s banking cartel is happening right under or noses. [9]
Laying Down the Basics, Connecting the Dots for You!
What is mortgage servicing fraud? It is simple. It is jerking the mortgagee around on loan payments, insurance, escrow, false credit history reporting on the status of his mortgage payment history, and a myriad of other insider gimmicks, threats, and cognitive dissonance to force the property into foreclosure so the Fat Cat bank holding company can foreclose on the property, buying back the property for the note balance, or less at the actual foreclosure sale. The owner’s equity has already been sucked out of the property in the scam. But, there is the rub! Does the actual foreclosure sale end the game of profits for the insiders? Nope. The foreclosing lender’s liquidation of the property at disposition of the asset ends the con game! Where is the profit?
When the Fat Cat bank holding company sells the property and another lender is on the hook at a higher mortgage than what they foreclosed on, this ends the scam. This is over-simplified, of course, but any Jane and Joe Six-Pack on Main Street America can understand this simple explanation of the economic! Who’s the main target? You – if you have a good credit score, and a lot of equity in the property. If you have a 125% to 150% home-equity loan you should feel really safe. Huh! Usually the owner’s equity is in the 10% to 15% or greater range. When the equity gets below 10% that’s when the pressure builds. Where is the profit to the insiders? Think about it! The actual foreclosure re-sale by the lender ends the game. Profit is made on inside fees, kickbacks, bonuses, perks, and management fees managing the foreclosed property. The borrower’s equity is already sucked out by overcharges, fees, surcharges, late fees, and any other fee the mortgage servicer can come up with, as they intimidate the borrower into submission with high powered legal eagles and attorney-ease, and an extortion of cognitive dissonances – [do a Google.com search on cognitive dissonance!].
We note that Ocwen Realty Advisors [Ocwen Federal Bank] now has the VA contract to manage all VA foreclosure properties. [10] They are going to make a pot load of money, at the taxpayers’ expense with their lack of transparency.
If the rest of the tree falls, it WILL land on the garage…
The Big VA Contract, or Hands in the Taxpayers’ Pockets?
I used to do residential appraisals for both FHA and the VA, but in the game of credit scoring and playing to Wall Street, they both fouled their own nests going to electronic appraisals, demanding this and that, always changing the rules. FHA turned real estate appraisers into home inspectors, so I told them to take a hike. The VA became equally squirrelly, and not reliable as clients, so several years ago, I told the VA to go take a hike. VA used to handle their own foreclosures. I knew their old process. It wasn’t until a little over a year ago that I first heard the name Ocwen. I sometimes handle another Realtor’s shop when she’s out of town. She was working on submitting an offer on a VA foreclosure property and she had to fax something to Ocwen to keep the deal going. Everything had to go through Ocwen to buy the property. I thought that stranger than a monkey with a banana up its you know what.
Nah, this ain’t overgrown landscaping…Them there’s good ole Missouri Hip High Weeds, Ole Buddy!
I just recently appraised a VA foreclosure property for Ocwen Realty Advisors. I don’t send appraisals over the email as pdf files to anyone. The reason is simple. Electronic appraisals can be unlocked, manipulated, changed, digital signatures and appraisal seals stolen, and the comparable sales data that I pay for through MLS or collect on my own is stolen for someone’s big comp sale database, ripping me off – putting me out of business. If my digital credentials are stolen or reused, my identity is stolen, and I have been professionally raped. I am not the only hold out in the industry. ORA was sent a full hard copy of the report to West Palm Beach, Florida. They refused the hard copy report unless I sent it to them as a pdf file. About 25 days after they had received the hard copy of the report, they sent me an email canceling the report, telling me they refused to pay me. This is very transparently unethical business practice and manipulation of the realty valuation industry at the hands of the banking cartel.
Yeah, that there’s black mold [genus species unknown]and the basement’s full of water…
They also have taken ORA off-shore to Banglapore, India. Not only is there no transparency in the Florida version of ORA, there is no transparency between West Palm Beach and Banglapore! That’s another story, however. In preparing a letter to the company, while I was waiting for them to call me back about my fee, refusing to pay me, and canceling the order [Ha, Ha, Ha!], I started researching the total operation as the bank holding company. What I found was a lack of transparency in Ocwen Federal Bank, as well. This week I also checked with my out of town Realtor buddy on the VA foreclosure property I appraised. He had done a BPO [broker’s price opinion, hadn’t been paid yet, either!] on the property as well. Nothing has been done to the VA foreclosure property. It’s still sitting there with hip high weeds and a dead tree in the front yard. Good Lord, help the American Taxpayers!
Going to the Head of the Class Action Suit!
Gee Whiz, I love waxing my surfboard and hopping on a big one at Google! I nearly did a crash and burn when I found www.ocwenfederalsucks.org. This wave was so big, I lost my swimmin' trunks as I nose dived off the surfboard! What a Face Plant! Hopping another wave, I stumbled across Kweku Hanson, a Connecticut Yankee and the Mother Bear of classic action suitwise. [11] Since surfing is not that much of a daunting task at all [Sorry, Big Al, Gotcha on that one!], I hopped out to California on another big wave, and dang it, I fell off my nicely waxed surfboard again with this classic action by some other smart legal eagles. [12] My suspicions about the Ocwen group not being transparent were confirmed. There are a lot of folks that don’t have very good things to say about this multi-national bank holding company and its book of business. [13]
Conclusion, Part 1 – Demons and Double Demons from Hell
Insider predatory lending and insider mortgage servicing fraud more or less go hand in hand. You can have one without the other played on you as a consumer, or you can have the double whammy of being double-teamed [Double Demons] in the con game. Big Government and Wall Street are also part of the game [con], since they create banking laws, which are overtly and clandestinely designed to be overly complex. Few folks understand money and banking and how our money is created by the Federal Reserve out of thin air. A small segment of the population as consumers are finding out the hard way about the banking cartel’s insider tricks in the insider predatory mortgage lending and servicing arena, however. It will probably take a complete collapse of the legal tender fiat paper funnie monie system, however, for folks to wake up and realize [smell the coffee] they were conned all the way from the fetus to the grave. Ocwen? I am still waiting for them to pay me for my professional services. Speaking of Hell, Hell will probably Freeze Over First! Stay tuned.
The Stars and Bars - Mississippi Delta Born and Raised!
Gale Bullock [Ole Bear Editor] – just another ornery Ole Confederate!Columbia, Missouri usa [united states in America]
Footnotes [some are repeated to smack the reader between the eyes]:
[1] The Federal Reserve System: A Fatal Parasite on the American Body Politic, Dr. Edwin Vieira, Jr. See Link.
[2] Bad Boys with the Pen and Money Market Fund Intermediation, counter-measures and risk analysis to vote with your money, or Colt .45 to the rescue?, Ole Bear MAI [aka, Gale Bullock]. See Link.
[3] The Trojan Horse? Fannie Mae as the National Soap Opera, co-authored by Rob Kirby and Gale Bullock. See Link.
[4] Recognizing Predatory Lenders, www.bankrate.com. See Link.
[5] Introduction to the Loan Servicing Scam, www.msfraud.org. See Link.
[6] See: Perfect Credit Score, Perfect Loan Fraud, Kenneth R. Harney, Washington Post. See: Mortgage Servicer Ocwen’s Practices Raise Ire, Jeff Ostrowski, Palm Beach Post Staff Writer
[7] Introduction, The Mafia, CIA and George Bush, Peter Brewton. See Link. See Also: Link.
[8] The BCCI Affair, www.mediawa.info. See Link. See Also: Financial Scandals, Linda Davies. See Link.
[9] Statement, Chris Swecker, Assistant Director, Criminal Investigation Division, FBI before the House Financial Services Subcommittee on Housing and Community Opportunity, October 7, 2004. [pdf version]. See Link for FBI html Internet version.See Also: Document Trove, HernanMedia.com, Patrick Hernan. See Link.See Also: HernanMedia.com, Real Estate and Fraud Blog. See Link.See Also: HernanMedia.com, Mortgage Fraud & Predatory Lending Clearinghouse. See Link.See Also: Perfect Credit Score, Perfect Loan Fraud, Kenneth R. Harney, Washington Post.
[10] Veterans Benefits Administration Circular 26-03-8, December 8, 2003. Html Link. Microsoft Word Doc Link. VA Website Version
[11] Kweku Hanson, Attorney, Class Action Lawsuit filed July 15, 2002 in US District Court, District of Connecticut, pages 1, 120-123 of the total 123 page legal brief, court case now move to the Chicago, Illinois District. Read pages 1, then skip to 120-123. Then read the middle when you have time.
[12] Lieff, Cabrasher, Heiman, & Bernstein, LLP’s Ocwen Federal Bank Consumer Protection Class Action Lawsuit filed in the California Alameda County Superior Court, October 2003.
[13] Ocwen Federal Bank keeps popping up everywhere I surf on the Internet!
See: http://www.msfraud.org/See: http://www.msfraud.org/artic2.htmlSee: http://www.msfraud.org/Articles/Ocwen.htmSee: http://www.poconorecord.com/topstory/tjd79196.htmSee: http://www.ocwenfederalsucks.org/100704cs.pdfSee: RipOffReport Link
Additional Links to Follow the Money Trail for this Essay Series:
Chris SandersWhere is the Collateral?So, Where is the Collateral?Dial “M” for MoneyFascinating and lucrative patriotism, the negative return economy:a discourse on America's Black Budget – Chris Sanders & Lady Catherine Austin Fitts
Lady Catherine Austin FittsMel, Where is the $59 Billion - Part 1Mel, Where is the $59 Billion - Part 2Mel, Where is the $59 Billion - Part 3An open letter to Condoleezza RiceWhere would Jesus bank?
The Myth of the Rule of Law or How the Money Works: The Destruction of Hamilton Securities
HUD Martinez Hotseat
Fannie Mae Sporkin Hotseat
Gale Bullock, MAI, SRPA, SRAThe Toy Boys of Fraud and as originally featured on ScoopNZRealty Reality on FSOThe Blacklisting of the Realty Valuation ProfessionalBad Boys with the Pen and Money Market Fund Intermediation
Blitzkrieg Series Essay #5 – Ponzi and Electricity
Rob Kirby and Gale BullockThe Trojan Horse? Fannie Mae as the National Soap OperaFalling on Your Royal Fannie: A Fist Full of Royal Bank of Scotland Fannie Facts
Larry S. LevyThe Fraud of Appraisal Regulation
Thomas G. Fryer, SRAAVMs – A Cause for Alarm, and Thus For Resistance [pdf]
The Bear CubMortgage Mayhem – An Insider’s View of “Blitzkrieg Lending” [pdf]
© 2004 Gale Bullock
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