Jon
San Diego,#2Consumer Comment
Thu, December 01, 2005
Thanks for the update my friend. I'm amazed! The Davis case seemed to progress at a very rapid pace. The case in which I'm a plaintiff has been moving at a snail's pace for years now with very little progress but I could be wrong. Thanks Again!
Adolfo
San Antonio,#3Consumer Suggestion
Wed, November 30, 2005
Dear Prof. T. in Saginaw, You will probably not need to start a class action in Michigan. I don't know if there is one in that state already, although, I would not be surprised if there is. I know there are class actions in Texas (my home state) and in several others. One of the earlier responders mentioned a case here. A quick update on that. Web site rules disallow my mentioning lawfirms, but here is an abridged version of a report that went out Nov. 29, 2005 on PRNewswire. You can find the full version there yourself: Galveston - A state district court jury awarded Sealy Davis, age 64, an $11.5 million award after finding Ocwen Federal Bank used unfair, unlawful, deceptive business practices. Davis obtained a $31,000 home equity loan on her Texas City residence in Feb. 2002. In 2003, she took ill and was hospitalized for four days, which forced her to miss one payment. Ocwen, the servicing agent, told her she would be put on a payment plan, but never did so. Ocwen failed to credit Davis for payments she did make, and began foreclosure - all the while assuring her she was on a payment plan. Ocwen foreclosed. Davis filed Chap. 13 bankruptcy. During bankruptcy, Ocwen requested additional $390 to cover its costs and fees related to the default that Davis had already cured. Lead counsel in case, after verdict, accused Ocwen of showing more interest in taking the homes of its customers than in proper billing service; this was reference to testimony for former employee in the 8-day trial who atested to company practices that included: incentive pay to loan collectors to move properties with equity to foreclosure, not informing borrowers of how to make loans current, failing to give credit for payments made. Jury vote was 10-2, with findings that Ocwen knowingly and intentionally deceived Davis. Breakdown of award was $10 punitive damages, $1.5 million attorney fees. It is interesting to note that lead attorney has additional 100 cases against Ocwen, recently obtained a $3 million verdict in similar case in Corpus Christi, settled in a case in San Antonio when Ocwen was faced with the plaintiff in the Corpus Christi case giving testimony in the San Antonio case. I am a journalist and several years ago wrote a series of articles regarding mortgage service abuse. Most of those articles dealt with Fairbanks (now known as Selective Portfolio Services). It pains me as I revisit the subject that so little has changed. There are numerous mortgage servicers that have for years relied on their ability to use damaged credit and payment histories to exploit homeowners. It is part of their business model to pretend to be helping fix credit/payment histories when in fact they are making it worse for their own profit. Whether the damage was self-inflicted or created by the servicer through fraud, the process is now institutionalized and that will not change without a concerted, sustained effort by individuals willing to fight back through those means of litigation still available to them, government action and a broader effort by the media.
Jon
San Diego,#4Consumer Comment
Fri, November 25, 2005
FYI: I just read the post below regarding Ocwen, posted on Yahoo (OCN Financial Group). Note! I haven't been able to verify this post but it does appear to be correct. Post: Congrats to Ocwen on losing another case, this was truly fun to watch. Before turning this over to the jury the Ocwen, team was arguing about who was, going to pay for what fees AND THE JURY DIDNT even have the case yet, with the other defendants named in the suit. It was so rich watching these folks squirm knowing they had lost before a verdict even came back. I almost laughed out loud when they started the arguments. And here is a news tidbit for everyone, on the first day of the trial Ocwen brought a bodyguard-bounty hunter with them who sat outside the courtroom and did nothing more than stare wittnesses down. I hope they do this again in April during the next trial so that the Judge can get involved, wittnesses tampering is illegal. Then again with this companies ethics it could hardly matter. WELL DONE OCWEN....ABOUT $5,000,000 goes to another victim, I belive this will be the largest award to a single victim of this company yet.
Jon
San Diego,#5Consumer Comment
Tue, November 15, 2005
Just a simple typo... I meant to spell the name "Erbey" not "Ebry".
Jon
San Diego,#6Consumer Comment
Mon, November 14, 2005
I just had to share this one... (A much deserved Bravo Zulu to the composer). I found the following post on a Yahoo stock discussion group regarding Ocwen (OCN): Now Ocwen can screw people in less than one day! You heard right, folks. The most incompetent company in the world (if not the universe) has streamlined its process to bring pain and grief to the masses more quickly than ever before. It can now guarantee that your mortgage will be screwed up from the very moment of inception with its "interim servicing" (also known as the old "fast f**k"). Faster than a speeding bullet, Ocwen will now be able to pick your pockets with unprecedented speed. It can now drain your bank accounts without even slowing down! Read the amazing details and marvel at how this moronic company claims to be able to "improve accuracy". (Wouldn't ANY accuracy be an improvement at Ocwen?) Surely this is a bad joke.... Ocwen Enters 24-Hour Mortgage Processing Business Tuesday October 11, 1:35 pm ET WEST PALM BEACH, Fla., Oct. 11, 2005 (PRIMEZONE) -- Ocwen Financial Corporation (NYSE:OCN - News) announced today that it now offers 24-hour mortgage loan processing and closing services to mortgage lenders and brokers who want to shorten the closing cycle, reduce expense, and improve accuracy. Ocwen's loan processing services include all back-office activities, including loan opening, processing, underwriting, closing and interim servicing.
Nancy
Hanover,#7Consumer Comment
Mon, November 14, 2005
Please join the thousands of inocent people who have lost their houses or will be losing their houses and help stop Ocwen Federal. I lost mine and if you read through the numberous emails you will find the attorneys name that is fighting Ocwen. I did, I wrote and they responded immediately to get some facts, then again asking if I wanted their firm to represent me. Of course, I said yes. Even if I get nothing back in return in revenue, I will get satisfaction knowing that I helped stopped Ocwen hurting people in the future.
Burt
Turnerwood,#8Consumer Comment
Mon, November 14, 2005
Welcome to the world of Ocwen fraud, please review Guzman V Ocwen case in which testimony was given by a former employee which clearly shows that Ocwen begins its fraud as soon as a loan is purchased for service. That is part of their business model and they use software called Real Trans as the basis of this fraud. The Davis V Ocwen trial begins Monday 11/14/05 and I advise you to stay abreast of this Galveston TX case, it will be over and another verdict will be issued against Ocwen. Their case is almost identical to yours.
Jon
San Diego,#9Consumer Comment
Sun, November 13, 2005
Dr. Thomas, As a rule of this web site I cannot post the names of law firms representing Ocwen victims. If you conduct a quick google web search you'll find that there are several Class Action Law suits pending. There are over 27,000 non-class type suits filed against Ocwen alone. Please help us all in getting the word out regarding these scum bags. It may not be fair or correct but generally your word as a working professional has a lot of credibility in the legal community. Many of the Ocwen victims have an annual income of less than 40K. They have been specially chosen because they are less able to afford any kind of meaningful or lasting legal representation. Good Luck!