Ocwen Loan Servicing Moved my payment money to insurance and reported late pmt. wrongfully, because I had my own insurance Carol Stream Illinois

From: http://www.ripoffreport.com/reports/0/312/RipOff0312426.htm

last summer my credit was very important to me. now that ocwen ruined it i don't care as much any more. as with the others my mortgage was sold to ocwen. everything went fine until my homeowners insurance sent a warning that i need to pay or it will be cancelled in two weeks. i paid the ammount owed and thought my problems were over. wrong ocwen took my payments and bought 4x over priced insurance, and called stating i was late. I still wasn't over 30 days behind, so I informed them that I don't need insurance mine is payed up and to please refund my money. they agreed and 30 days later bad credit was reported. I checked my statement and they were still buying insurance with my pmt. money. I wrote a letter with my insurance name phone number and account number. I thought everything was fine again until another 30 days late reported. I had my insurance lady fax the information to ocwen and ocwen said 'Oh you have your own insurance' and credited my account only 70% the ammount they took and didn't repair my credit. I was so mad, and felt ripped off. My credit was ruined, so I decided not to pay until they corrected the problem. My house went into foreclosure, so I reluctantly paid all the fines and got it out of foreclosure. I knew I needed to pay the loan off completely, so I invested mega time and money into a real estate flip project. My house is now into forclosure again. My credit is shot. I did flip the investment house and now can pay off the loan which is 50% value of my house. They want to take it and pocket the equity. I now have the money to pay them, but they won't answer the phone concistantly. After a 1 hour hold time they finally answered, but won't give me a payoff ammount or where to wire the money. I think they are stalling to claim the house. I am scared to send it to them even if they would tell me where to send it. What if they just keep the money and not release the loan. Please help me safely pay them. I have 2 children a fiance in school and a baby on the way. I don't want to lose my house.
Michael louisville, KentuckyU.S.A.

By the looks of this Ocwen doesn't plan on changing!

CEO-led group bids to buy Ocwen

From: http://www.bizjournals.com/southflorida/stories/2008/01/14/daily14.html

An investor group led by Ocwen Financial Corp. Chairman and Chief Executive Officer William C. Erbey wants to buy all of the company's outstanding shares for $7 each, Ocwen said.
The group includes Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P. In a letter to the West Palm Beach-based loan processing solutions firm's board, the group said it will provide a proposed merger agreement, and that it is prepared to move "very quickly" to finalize the deal.
The letter says the deal would be financed by equity from investment funds managed by the group and equity investments by Erbey, other members of Ocwen's senior management team and certain other existing shareholders of the company, as well as about $150 million of debt or other financing to be used to repurchase the company's debt obligations.
Erbey would remain chairman and CEO of Ocwen (NYSE: OCN) and said he expects senior leadership would stay.
Erbey beneficially owns about 19.7 million shares - a 31 percent stake in the company - a filing with the Securities and Exchange Commission shows.
Ocwen said its board has formed a special committee of independent directors to consider the proposal and has hired Evercore Group as an independent financial adviser to assist with the review.
Shares closed up $2.13 to $6.11. The 52-week high was $16.95 on Jan. 16, 2007. The 52-week low was $3.91 on Jan. 11.

Moody's reviewing Ocwen debt

Moody's Investor Service said the chief executive officer-led buyout of Ocwen Financial Corp. led it to place all of the company's ratings on review with direction uncertain.
The investor group -- which includes Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P -- wants to buy all of Ocwen's (NYSE: OCN) outstanding shares for $7 each. In a letter to the West Palm Beach-based loan processing solutions firm's board, the group said it will provide a proposed merger agreement, and that it is prepared to move "very quickly" to finalize the deal.
Moody's said its review will focus on how the proposed acquisition would change Ocwen's capital structure. The ratings agency said, given its initial review of the transaction, Ocwen's debt could decline and its credit profile could improve if the buyout takes place. However, Moody's said the possibility that the company could receive and consider other offers brings an added uncertainty to the ultimate capital structure of the company.
Moody's also said it will evaluate the terms and structure of the transaction. It noted that there are "change of control" provisions in the junior subordinated debentures due 2027 -- rated "Caa1" -- that allow the holders of the securities to require the company to repurchase the debentures.
All of Moody's ratings for Ocwen's debt are below investment grade. It holds a "B2" rating for its senior unsecured shelf debt; a "Caa1" rating for its junior subordinated shelf, backed preferred shelf debt, and backed preferred stock; and a "Caa2" rating for its preferred shelf debt.
Shares closed up 7 cents to $6.16. The 52-week high was $16.95 on Jan. 16, 2007. The 52-week low was $3.91 on Jan. 11.