Complaint Review: Ocwen

Ocwen costs every American taxpayer when it buys its deals from HUD when the U.S. Treasury loses $13 mil Ocwen MAKES $8 mil from that loss. This is grossly unfair to every taxpaying American. Our money feeds this sickness in our country.

Ocwen touts itself as being the most technologically advanced servicer in the industry.

But Ocwen does not make public that it allows less than two-dozen employees access to its top-secret, windowless, waterless third floor war room. All the technology in the world means nothing if no one can access it. Oh, to know the secrets it contains and the plans for ruining people's lives that are churned out there by unfeeling computer models.

I now would like to see even more questions asked and answered in the Federal Court in Hartford.

High on my list of questionable persons is Nicholas P. Retsinas, who was the head of both the OTS and the FHA in the early-to-mid-nineties and who contributed greatly to helping Ocwen become the ravening beast it is today.

FHA consistently allowed Ocwen to pick up loans that were expressly prohibited by OTS regulations due to Ocwen's lack of the required reserves to insure against default. Since both entities reported to Retsinas, I have to suspect that he had something to do with allowing this activity.

This a quote from an article I ran across during some research:

Some small investors frozen out as bidders in HUD note sales have challenged Ocwen's relationship with several large Wall Street investment firms to dominate the market at the HUD auctions, with help from HUD officials and financial advisory contractors who worked for Mr. Retsinas." Hmmm....

Ocwen seems to have been founded on fraud!

I seek accountability from the government agencies and the players in those agencies for unleashing this huge dupe on the people of America. From the poor guy in To ledo who is struggling to meet the never-ending demands from Ocwen to the investors on Wall Street who unwittingly feed this demon, I want to see the truth told and the huge scam exposed.

I want to know how for years, Ocwen, with a Federal bank charter, has been allowed to violate every consumer protection law on the books without interference from any government regulatory agency. I want to know why it has been allowed to charge the arbitrary fees it charges with no interference.

I want to know why Ocwen holds a Federal banking charter when it is a loan servicer and has no banking business requiring such a charter. Another part of the scam; Ocwen should be classified as no more than a collection agency itself. This charter does effectively move Ocwen beyond regulatory powers in individual states. This works to Ocwen's advantage. It puts it directly under the regulatory powers of the OTS. Circles within circles.

Oh, what a tangled web Ocwen has woven.

I want to know why, to this day, the OTS steadfastly refuses to investigate complaints against Ocwen and seems almost to defend it.

I want to know why HUD officials laugh when contacted about problems with Ocwen and make jokes about the huge file of complaints they hold against Ocwen, yet do nothing to rectify the situation.

I want to know why our government continues to turn a blind eye to Ocwen's antics and has recently awarded the VA servicing rights to Ocwen.

I want to know how Ocwen and Moss Codilis colluded for years to collect legal fees it is not entitled to. I want to see these fees refunded to every individual who was forced, under threat of foreclosure, to pay them. This smacks of extortion. Extortion is illegal in this country. I want to see these lawyers disbarred and in jail. They are as disgrace in our society.

Most of all, I want to see Ocwen out of business and the perpetrators of this gigantic fraudulent scheme in prison. Precedents are being set right now for that to occur and I am firmly convinced that a thorough investigation of this company would reveal fraud on a scale that would make Enron and WorldCom drop in the ranks of humungous corporate fraud and book-cooking on a scale never seen before.

Ocwen would, at long last, be King. King of nothing!

Robin
Waldron, Arkansas
U.S.A.

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