Complaint Review: OCWEN FEDERAL BANK - West Palm Beach Florida

While waiting for the fall of Ocwen, I would like to give victims this link to the FDIC Audit of Ocwen Federal Banks Servicing of RTC presented in February, 1999. Audit Report No. 99-010 is available here: http://www.fdic.gov/oig/a-rep99/99-010.pdf The Feds have been aware since 1998 when this audit was conducted that Ocwens accounting practices did not compute. You will find reference after reference to the fact that the FDIC auditors were unable to reconcile figures to source documents. References to the fact that the beginning balances did not reconcile with the ending balances of the month before! Ocwen was, and evidently still is, using a "summary-based" accounting method that leaves no paper trail. All those unexplained fees are still unexplained as they are lumped in with the obscene profits enjoyed by these leeches. So, don't feel too bad about being unable to keep up with Ocwen's weird accounting; professional FDIC auditors could not do it, either! Rest assured that many of their profits are illegal simply because they are unexplained! Ocwen itself could not explain the discrepancies to the auditors and they were asked to do just that! The saddest part is how long it has been allowed to go on and what all of you have had to go through just to make an honest mortgage payment. It is obscene. This will explain to many of you my many references to the fact that some of us are watching the Feds actions in these matters very closely and with regard to more than one company. I have known for the past year (since I found this audit report) that the Feds have been aware of this corruption and actively nurtured it. It is inexcusable, whether or not one is directly affected by these companies. Allowing this kind of fraud to continue makes victims of every person in America! The FDIC report is lengthy and I do not claim to understand every bit of it. But I understand enough to know that we citizens cannot keep books this way and survive in the real world. Yet Ocwen executives golf at Hilton Head every year and rub shoulders with the very people who are supposed to be holding them in check! Something stinks in this scenario.it is time to open a window. I do not think that this document will have any bearing on the case that is ongoing right now. Many of you may have already found and read it. It is simply for your information so that a better understanding can be gained of the forces being fought in the case. This is not just Ocwen; there is complicity elsewhere in higher levels. This is why I am a staunch supporter of this case, Mr. Hanson, and all of you. This is why I have said over and over again that no one would stand a chance "on his/her own". This is why Ocwen has been able to crush so many with impunity; the fox is guarding the hen house and is looking away at the same time! Ocwen has been allowed to lie over and over in court after court. It has been given free-reign to ruin many lives. Ocwen will not be able to get away with it this time; there are too many people watching. And we will demand accountability if justice is not served in this case. There will be some hard questions asked if our system does not return to working for the good of the people in America, rather than serving the bottom lines of corporations and banks at the expense of the people. And just in case you do not care to go to the report and wade through it line by line, I will tell you that in 1999 the Assistant Director of the FDIC DISALLOWED $957,108 of Ocwens ill-gotten and illegal profits! That amount included $31,338 in "unallowable legal and servicing fees", $8,150 of "unrecorded receipts" (lost payments?), and $917,620 of "unsupported disbursements and accounting adjustments". Those of you who have been feeling that Ocwen was billing you just because they wanted to are absolutely correct in that assumption! The evidence is in the report. I hope that Mr. Hanson can open that window at least a crack for all of us.

Finally, finally!! I am distressed to hear that Ocwen is stealing at an accelerated pace..I hope that there will be recourse for those of you who have lost your homes to these predatory monsters. There is only one possible outcome for this suit. Ocwen will fall or all of America will be asking "WHY"? Not something that our officials, elected or appointed, would want to face. The OTS might even have to admit at long last that it has coddled and protected home-stealing thugs! Shame on OTS for requiring so much suffering and such a huge outcry before it will do its job. America has taken note, OTS; we are watching you! The Erby boys might have to go to the "Big House". There may be people there who have had their homes stolen by Ocwen. May each and every one of them be named "Bubba"! No person or entity has the right to make so many people suffer so much in this country, or any other. But especially here in America, a land founded on the principles of fairness and equality. This cannot be allowed to continue; stealing is against the law here! Rather than change its evil ways, Ocwen chose to fight. They could have never imagined the army they would face for the final showdown. They had their chance to do the right thing, so I do not feel that it would be too out of line to watch their fall with some enjoyment. It is not like all of you crept up on them in their sleep in the middle of the night! I thank God for all of you that this is drawing to a close. I have been stressed with you, I have wept with and for some of you, for all your unnecessary heartache in the name of Ocwen's greed. My thoughts and prayers will be very much with you in the coming days and weeks. And a special prayer for Mr. Hanson. You have expended so much time and effort and sweat on this cause. You are a credit to this country and to your profession, a person of courage and honor. Thank you, sir. Forget that cat! Give OCWEN hell; God knows Ocwen has given you plenty!