David Dayen: The CFPB Just Sued a Crooked Mortgage Servicer, but Indicted Itself

The lawsuit against Ocwen is welcome, but should have happened four years ago.

10 Responses

  1. I am now a widow and cannot pay my monthly mortgage payment. I will loose my home. The loan started with Option One then to American Home/then to Ocwen and we were suppose to be getting a 3% loan – but, ended up paying 9% for over one year before they finally lowered the % rate – but, they put the mortgage amount owed back to the amount we started with before paying the 9% interest rate payments – we called, we wrote letters – but no one would help us fight these predators. We were also charged a refinance amount of $13000 and were told to either take the Refi or keep paying the 9% interest rate. We have been jerked off by this horrible company for years. We have never been approached by any agency or the CFPB during any of these court cases – I have proof. Tell me where to write or email and I will immediately do so.

  2. All was not addressed by the last administration. Thanks to Neil for keeping the issues alive and allowing people to come together. Many, including the media, have said that the financial crisis issues are behind us. Neil did not accept that. Thanks, again, Neil.

    Trump should not forget his promise to the “forgotten man.” We should all make sure to remind him.

  3. Trump’s commerce secretary, Wilbur Ross, once sat on the Ocwen board
    Wilbur Ross took the board position and a $60MM+ golden parachute when he left them shortly thereafter as a way to financially benefit from the transfer of assets from AHMSI to OCWEN in 2012… AHMSI owned not only mortgage servicing rights but actually purchased my trusts notes from Bank of America in 2008.. This is a whole lot slimier and more inbred than anyone thinks. He had no way of benefitting directly in the 2012 sale to OCWEN and wanted to unload the bundle as he had milked it 90% dry…

  4. Thank God for Living Lies…From 2013 to Jan this year I have been forced to swim in the sewage that is Ocwem/Ahmsi and its lying cheating aider and abbetor employees, one Dan Britton who is so full of crapp, lying dishanest “Ocwen Mgerr based in Iowa so he claimed. I offered to settle my claim and he said he was considering that. Ocwen/AHMSI/HSBC stole my $340k equity without ever producing a shred of evidence of standing (per TILA. They refused to produce any such evidence for which I would accept genuine proof under law I would walk away. But they had no prof under TILA. I am 78 this month my entire golden years retirement as a disabled vet was suck out of the marrow of my bones.

    Is there any way a pennyless senior might participate in this recent action by CFPB or is my claim simpy hopeless.

    Thank you for this forum and may God Bless you

  5. Don’t fall into get rid of CFPB like Obamacare trap when answer for Trump, Mnuchin, Republican Senator Hensnarling want no regulation, corporate welfare and tax breaks for the rich.

  6. Dcwen specialized in distressed loans. Does anyone wonder how they got to Ocwen in the first place?

  7. Absolutely Mr. Dayen — should have been done a long time ago. All the settlements over the years have failed the people. And, this CFPB lawsuit is tip of the iceberg – much more involved.

  8. CFPB needs to sue the servicer, Specialized Loan Servicing(SLS) for not having stand to service mortgages without true and certified copy of the promissory notes.

  9. CFPB = worthless

  10. My name is Ken and I am retired Lawyer. I was shocked by Ocwen’s treatment of my daughter and their attempts to illegally deny loan modification and attempts to distort ,misrepresent and foreclose. I filed a Pro Se Suit now pending both in State and Fed Courts…this revelation is what we needed..just in time ..The Preditor hired a very well healed LIe Firm etc and were winning
    until now !!! Thank you for this Blog which kept up our spirits..and informed us we were not alone.

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