Ocwen Financial Corp. has been selected by Freddie Mac to participate in a pilot program designed to handle high-risk loans quicker and to keep more at-risk borrowers in their homes.
The West Palm Beach-based loan-servicing firm (NYSE: OCN) and its counselors will help cut telephone wait times, speed up the time it takes to put borrowers in touch with live counselors and implement Freddie Mac foreclosure reduction policies faster.
“Our strategy for high-risk loans is designed to help servicers cope with today’s unprecedented call volume by directing calls to a specialist with the specific staff and technical resources for handling a high volume of borrowers with these types of mortgages,” said Ingrid Beckles, Freddie Mac’s senior vice president of default asset management, in a statement.
A selected portfolio of higher-risk mortgages that are at least 60 days delinquent will handed off to a specialty servicer for intensive attention using Freddie Mac’s workout opportunities.
Initially, 5,000 reduced documentation loans from California, Nevada and other states with high delinquent rates will be targeted.
Freddie Mac said it will figure out whether to broaden or tweak the strategy after reviewing the pilot’s June results.
Ocwen shares closed up 34 cents to $9.24, nearing the 52-week high of $9.25, reached on Jan. 8. The 52-week low was $3.66 on April 14
From: http://southflorida.bizjournals.com/southflorida/stories/2009/02/02/daily42.html
Showing posts with label ocwen. Show all posts
Showing posts with label ocwen. Show all posts
Friday, April 17, 2009
Wednesday, December 19, 2007
Too Bad Boston Legals Alan Shore can't take on Ocwen
Too bad Boston Legals Alan Shore can't take on Ocwen and their BS! That would have to turn into a min-series; no-way could that happen in just 1 week.
From: http://www.boston-legal.org/forum/topic.asp?TOPIC_ID=1896
Thanks, ADA! Once again, DEK has torn a topic from today's headlines: the lending crisis.
Here's what one renowned civic leader has to say about it in today's Sun-Times. The bold-faced emphasis was mine, I'd look for these to be among Alan's points:
2 million homeowners are too many to fail: We need action November 13, 2007JESSE JACKSON jjackson@rainbowpush.org
It is time to act. Join us on Dec. 10 on Wall Street and in cities across the country. Stand up to stop the wave of home loan defaults that threatens to foreclose not just on people's homes but on our hopes.
The problem keeps getting worse. Two million homeowners face foreclosure over the next year. Their neighbors will lose billions of the equity they have in their homes. Millions will find themselves stuck, unable to get a decent price for their homes in a flooded market. Tens of millions more will tighten their belts. Communities, from Cleveland to Las Vegas to much of Florida and beyond, will struggle with budget crises.
This is a recipe for recession. Fed Chairman Ben S. Bernanke told Congress he expects slowing growth and rising unemployment. How could he not? The financial sector, which generates nearly one-third of all corporate earnings, has written off about $40 billion in troubled loans this year, with more to come. Gas prices are hitting $100 a barrel, even as we head into the cold winter months. Food prices are rising. Americans, already burdened with stagnant incomes, now are piling up credit card debt just to make ends meet. We're headed into rough waters.
But so far there has been no action on any program of any scale to keep people from losing their homes, fouling their neighborhoods and driving cities and schools into budget crises and the nation into recession.
The investment houses and banks already have been helped. The Federal Reserve lowered interest rates; the Treasury pushed to set up a $70 billion fund to help Citibank and others manage the losses. They didn't sort out the worthy from the irresponsible. The Treasury didn't suggest risk counseling for the financial houses that lost billions.
But for homeowners, the Federal Reserve and the Treasury call for case-by-case solutions, for strapped homeowners to get individual counseling, even when they know this can't meet the crisis. In Congress, Rep. Barney Frank has pushed for action. But Republicans are opposed, and Senate Democrats seem increasingly to cater to the fortunes of Wall Street rather than Main Street. With the exception of John Edwards, the presidential candidates and their economic advisers address the issue as if it were someone else's problem.
This makes no sense. Many homeowners now facing foreclosure were steered into subprime mortgages, often laced with hidden fees that they never knew about. Single women, young couples, Latinos and African Americans were particular targets of aggressive mortgage brokers. The brokers didn't care if the loan made sense because they sold it off immediately to the financial houses. And they had a big incentive to hide the fees and interest rate jumps because those made the loans worth more when sold. Now new homeowners who have kept up their payments are facing foreclosure.
Citibank warns that it is too big to fail, that the Treasury must act to bail out the banks. But 2 million homeowners are too many to fail; they will take down our economy if they do.
So it is time to challenge the timidity and the cribbed imaginations in Washington and to demand action before the crisis brings down the entire economy. We need action to postpone all resets for those who have maintained their payments. We need Fannie Mae or the FHA to step up to require renegotiations before foreclosures. It is time to support homeowners, not just speculators.
From: http://activerain.com/blogsview/312173/
Boston-Legal-takes-onBoston Legal takes on the mortgage bankers Its official: The sub-prime mortgage meltdown has made it to prime time. Last night on Boston Legal, my favorite TV lawyer took the case of a borrower, facing foreclosure, and negotiated a new deal with the bank. This was entertainment pure and simple, but the point was made that borrowers and lenders have both been hurt by this mess, that neither side saw it coming and it's in the interest of both sides to make a deal.
I might add if they dont (make a deal) we are looking at an economic crisis the likes of which we havent seen since the 1930's Then it was the easy money provided by the banks in the roaring 20's that allowed "investors" to get in over their heads in the stock market on 10% margin. When the inevitable crash happened, it brought down the banks with it and we had the great depression. This time it was also easy money that fueled the boom "Investors" got in over their heads with 100% financing and the buble burst. Will this crash also bring down the banks and result in another depression? only time will tell. but in my mind the only solution is to make a deal....either the banks will do it on their own, or government will force it. If we let the markets correct themselves and let the chips fall where they may....its depression time.
From: http://www.boston-legal.org/forum/topic.asp?TOPIC_ID=1896
Thanks, ADA! Once again, DEK has torn a topic from today's headlines: the lending crisis.
Here's what one renowned civic leader has to say about it in today's Sun-Times. The bold-faced emphasis was mine, I'd look for these to be among Alan's points:
2 million homeowners are too many to fail: We need action November 13, 2007JESSE JACKSON jjackson@rainbowpush.org
It is time to act. Join us on Dec. 10 on Wall Street and in cities across the country. Stand up to stop the wave of home loan defaults that threatens to foreclose not just on people's homes but on our hopes.
The problem keeps getting worse. Two million homeowners face foreclosure over the next year. Their neighbors will lose billions of the equity they have in their homes. Millions will find themselves stuck, unable to get a decent price for their homes in a flooded market. Tens of millions more will tighten their belts. Communities, from Cleveland to Las Vegas to much of Florida and beyond, will struggle with budget crises.
This is a recipe for recession. Fed Chairman Ben S. Bernanke told Congress he expects slowing growth and rising unemployment. How could he not? The financial sector, which generates nearly one-third of all corporate earnings, has written off about $40 billion in troubled loans this year, with more to come. Gas prices are hitting $100 a barrel, even as we head into the cold winter months. Food prices are rising. Americans, already burdened with stagnant incomes, now are piling up credit card debt just to make ends meet. We're headed into rough waters.
But so far there has been no action on any program of any scale to keep people from losing their homes, fouling their neighborhoods and driving cities and schools into budget crises and the nation into recession.
The investment houses and banks already have been helped. The Federal Reserve lowered interest rates; the Treasury pushed to set up a $70 billion fund to help Citibank and others manage the losses. They didn't sort out the worthy from the irresponsible. The Treasury didn't suggest risk counseling for the financial houses that lost billions.
But for homeowners, the Federal Reserve and the Treasury call for case-by-case solutions, for strapped homeowners to get individual counseling, even when they know this can't meet the crisis. In Congress, Rep. Barney Frank has pushed for action. But Republicans are opposed, and Senate Democrats seem increasingly to cater to the fortunes of Wall Street rather than Main Street. With the exception of John Edwards, the presidential candidates and their economic advisers address the issue as if it were someone else's problem.
This makes no sense. Many homeowners now facing foreclosure were steered into subprime mortgages, often laced with hidden fees that they never knew about. Single women, young couples, Latinos and African Americans were particular targets of aggressive mortgage brokers. The brokers didn't care if the loan made sense because they sold it off immediately to the financial houses. And they had a big incentive to hide the fees and interest rate jumps because those made the loans worth more when sold. Now new homeowners who have kept up their payments are facing foreclosure.
Citibank warns that it is too big to fail, that the Treasury must act to bail out the banks. But 2 million homeowners are too many to fail; they will take down our economy if they do.
So it is time to challenge the timidity and the cribbed imaginations in Washington and to demand action before the crisis brings down the entire economy. We need action to postpone all resets for those who have maintained their payments. We need Fannie Mae or the FHA to step up to require renegotiations before foreclosures. It is time to support homeowners, not just speculators.
From: http://activerain.com/blogsview/312173/
Boston-Legal-takes-onBoston Legal takes on the mortgage bankers Its official: The sub-prime mortgage meltdown has made it to prime time. Last night on Boston Legal, my favorite TV lawyer took the case of a borrower, facing foreclosure, and negotiated a new deal with the bank. This was entertainment pure and simple, but the point was made that borrowers and lenders have both been hurt by this mess, that neither side saw it coming and it's in the interest of both sides to make a deal.
I might add if they dont (make a deal) we are looking at an economic crisis the likes of which we havent seen since the 1930's Then it was the easy money provided by the banks in the roaring 20's that allowed "investors" to get in over their heads in the stock market on 10% margin. When the inevitable crash happened, it brought down the banks with it and we had the great depression. This time it was also easy money that fueled the boom "Investors" got in over their heads with 100% financing and the buble burst. Will this crash also bring down the banks and result in another depression? only time will tell. but in my mind the only solution is to make a deal....either the banks will do it on their own, or government will force it. If we let the markets correct themselves and let the chips fall where they may....its depression time.
Sunday, December 9, 2007
Ocwen is The Worst
Of all the Mortgage Companies I have had in the last 15 years, this is definetely the worst. They cost me a very attractive and beneficial refinance with someone else, due to them not providing a payoff quickly and gettting it terribly wrong. I had to fight just to prove that my pre payment penalty was only a fraction than what they quoted me. You can't speak with the appropriate department and they care more about their processes than they do their customers. Criminals I could write you a book about OCWEN, they are the worst, total rip off artists. Right now however I am steaming because I just went to my mailbox. This is the crux, I just got divorced I got the house, my ex was paying the mortgage directly out of his account. He notified them 2 months in advance that, that would stop, to no longer take it out of his account that I would be sending the mortgage. I did exactly that, One month. so what do they do they also hit his checking account so he puts a stop payment on his account incase they do it again.
So the next month same thing I send payment and low and behold they hit his account AGAIN. he calls them because the account is now hit with a returned check charge. I just get a letter from them in the mail notifying me that WE are responsible for the return check charge. They are the biggest criminals on the face of this planet I cannot understand why they are still in business! Predatory Lender My two mortgages recently got purchased by Ocwen. I’ve only had them 4 months and I hate them already. They start calling on the 2nd of every month, 3-4 times a day on my cell phone to find out when I am going to pay my mortgage. It’s either someone from India or it’s a hang-up call. It’s ridiculous. I was doing the bi-weekly payment plan, but I stopped that because it was costing me a fortunate in fees and the payment wouldn’t get to Ocwen any earlier than if I mailed it myself. If you pay online, they charge $10. $10!!!!! What a rip off!!
My problem is that I’m stuck with them for 3 years or until someone else buys my mortgage because I have a 3 year pre-payment penalty. Arggghhhhh!
This company needs to be shut down. Period. They are at the top of the list for “Predatory Lender.
So the next month same thing I send payment and low and behold they hit his account AGAIN. he calls them because the account is now hit with a returned check charge. I just get a letter from them in the mail notifying me that WE are responsible for the return check charge. They are the biggest criminals on the face of this planet I cannot understand why they are still in business! Predatory Lender My two mortgages recently got purchased by Ocwen. I’ve only had them 4 months and I hate them already. They start calling on the 2nd of every month, 3-4 times a day on my cell phone to find out when I am going to pay my mortgage. It’s either someone from India or it’s a hang-up call. It’s ridiculous. I was doing the bi-weekly payment plan, but I stopped that because it was costing me a fortunate in fees and the payment wouldn’t get to Ocwen any earlier than if I mailed it myself. If you pay online, they charge $10. $10!!!!! What a rip off!!
My problem is that I’m stuck with them for 3 years or until someone else buys my mortgage because I have a 3 year pre-payment penalty. Arggghhhhh!
This company needs to be shut down. Period. They are at the top of the list for “Predatory Lender.
Ocwen is the worst bank ever
BE VERY AWARE....KEEP AWAY FROM THIS BANK. I have had nothing but problems with this bank and it just never ends. There customer service sucks. Every time you call you get someone from India whom can't understand what your talking about or you can't understand them. They miss apply payments every month, and to try to explain to them what they did wrong is like pulling teeth. They apply bogus fees to your statement. You ask them about it and you get "I don't know, "I can't explain why" or you get hung up on. These people are con artists, crooks and commit fruad. They try to put people into forclosure. BE VERY CAREFULE WITH THEM. MAKE SURE YOU EITHER DO, ON LINE BANKING or GET SIGNATURE REQUIRED if you send your checks out (get a record of the signature and date recieved). Make sure you have a record for everything (protect yourself). KEEP FAR AWAY FROM THEM.
Ocwen Bank The worst lender I've ever dealt with
I had nothing but problems with Ocwen. They have the worst customer service that you can imagine. Everytime you call them, you speak with someone from India who has no clue what you're talking about. You can't understand them at all. They don't communicate, misapply payments, etc. etc. Don't use Ocwen!
Ocwen Bank Nothing but problems
I had nothing but problems with Ocwen, there customer service is the worst. Every time you call there office you get a person from India and is very hard to under stand them. Do not use Ocwen for anything.
Do not use Ocwen for anything.
This company forced me to sale my home that i only had for one year to the date of sell. This company reported my payments as being late, sending partial payments, saying my checks had the wrong account and or routing number on them. They refused to let me make a payment towards my home loan. They have reported fraudulent information to the credit bureaus. The credit beureaus, DFI, attorney generals office, senators, govenors office will not help you.
They say they cannot make them take this information off of your credit report. I provided proof fom my bank statements and members from my bank also called wrote a letter yet this company still refused. Our country sucks! They allow this OCWEN to do business here in the United States. This company is outsourced to Iran and you can barely understand them. They are rude and will hang up on you.
The bottom line is do not do business with this company we the people should bumgard the govenors office with our complaints. We voted to get these people in office not just to sit there. They should do something about this. WARNING do not use OCWEN for anything! Worst Bank Ever Ocwen bought out my loan back in 2002. They are absolutely the worst bank ever! Terrible customer service and idiots working as loan agents. They randomly charge me late fees when my payments have been on time, they have misapplied funds, they do not return phone calls or emails promptly, and their customer service is rude and pretty much incompetent. DON'T BANK WITH THEM.
They say they cannot make them take this information off of your credit report. I provided proof fom my bank statements and members from my bank also called wrote a letter yet this company still refused. Our country sucks! They allow this OCWEN to do business here in the United States. This company is outsourced to Iran and you can barely understand them. They are rude and will hang up on you.
The bottom line is do not do business with this company we the people should bumgard the govenors office with our complaints. We voted to get these people in office not just to sit there. They should do something about this. WARNING do not use OCWEN for anything! Worst Bank Ever Ocwen bought out my loan back in 2002. They are absolutely the worst bank ever! Terrible customer service and idiots working as loan agents. They randomly charge me late fees when my payments have been on time, they have misapplied funds, they do not return phone calls or emails promptly, and their customer service is rude and pretty much incompetent. DON'T BANK WITH THEM.
Ocwen I Think Their Specialty is Fraud
A few yeaers back, Ocwen bought out my loan and told me my new account information. I sent the first paymeht but was then charged a late fee because my account was never set up correctly. I tried to reach them buy phone which is almost impossible and they accused me of not sending the payment in, even though they had deposited my check and never credited my account. 2 months went by and they still had not done anything.
They ended up sending me late fees and threats to my credit report if I didn't pay on time. This is AFTER I had sent them statements from my bank PROVING that they had withdrawn funds from my account. I'm not even sure if they're buying out people's loans anymore or what their doing. I know there was a class action lawsuit against them which doesn't surprise me in the least. If you're loan is bought out by Ocwen, FIND A NEW LENDER IMMEDIATELY!
They ended up sending me late fees and threats to my credit report if I didn't pay on time. This is AFTER I had sent them statements from my bank PROVING that they had withdrawn funds from my account. I'm not even sure if they're buying out people's loans anymore or what their doing. I know there was a class action lawsuit against them which doesn't surprise me in the least. If you're loan is bought out by Ocwen, FIND A NEW LENDER IMMEDIATELY!
Ocwen, Don't Work WIth These People!
I refinanced my mortgage several months ago using a mortgage broker and ended up financing with Ocwen. Due to a family emergency I was sort of stuck in a bad situation and needed to relocate. Everything seemed to go fine until they refused to give me a payoff letter so that I could closed.The closing went through and the money sat and sat in escrow waiting for Ocwen to get their act together. I called them numerous times a day and they would insist that I never sent in the correct paperwork and signatures. I would fax it in again, and then they would repeat the same thing. This has been the worst lending experience and I wouldn't wish it upon my worst enemy.
Ocwen Hell's Bank
Hell's Bank These people are con artists and crooks. Whatever you do stay away from them. They have been accused of fraud and I can completely understand why! Do NOT under any circumstances work with them.
Wednesday, January 10, 2007
Ocwen Bank Overcharging for escrow, and interest
I believe Ocwen bank overcharged me thousands of dollars in junk fees, overcharging for escrow, and interest. They refuse to verify charges and then allegedly you are behind and during the request for account information. they allegedly assigned the loan to LaSalle Bank trustees of a 1998 R-1 pass-through certificate.(what ever that is, some kind of security).LaSalle Bank filed a foreclosure the day they were assigned the note by OCWEN. They waited 3 months before filing with the court clerk they were the new owners. I found out Lasalle was the owner the day I was served the foreclosure.OCWEN filed papers with the court they were the owners of the mortgage in 1997 when HUD sold them my loan. When I called LaSalle Bank they told me they had owned my property with this alleged pass-through certificate since 1998. I have never received anything from LaSalle Bank. This case is still pending due to other issues. I still receive bills from OCWEN even though they allegedly assigned this loan to someone else.I would have thought they would be required to notify me of the transfer. I still do not understand how LaSalle can forclose with ownership in securities related to this property that they bought in 1998 but never filed with the court until after they filed the foreclosure, but still have OCWEN service the loan.I may lose my home. My husband is disabled.All of this smells fishy!
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