Complaint Review: Ocwen - Orlando Florida

As of June 13, 2005, the OTS has approved the Ocwen FSB application to de-bank. There are some paperwork items and other conditions involved for compliance outlined by the OTS. Ocwen has 120 days to fulfill its mandate to comply, unless either side chooses to ask for extensions. Mr. Denby will soon be free of the beast (I wonder if he is relieved) and will have no further hold on it. I have no doubt that this is a done deal and Ocwen will waste no time in fulfilling compliance orders in order to get this done. The details may be read in this letter from the OTS to Mr.William C. Erbey here (PDF document): http://www.ots.treas.gov/docs/4/480191.pdf This is the absolute BEST thing that could be happening!!! It is my understanding that Ocwen will now have to apply state-to-state for a license to do business in since it will no longer fall under the general Federal umbrella. Get ready to flood the regulatory entity in your state with complaints. (It varies from state to state, search for it) Start sending letters soon and maybe the approval for the license can be blocked in the first place (unlikely). If Ocwen cannot get a license to do business in a state or has that license rescinded for its awful screw-ups, it will have no choice but to sell or transfer the servicing rights in that state to a different company that does hold a valid license. While this may be no better for borrowers, it would have to go far to be worse. At any rate, I have always found it much easier to work complaints on a state level because these people do not exist on as high a plane as the Feds. This makes their listening skills much better since they have not blown their eardrums from floating so high above we commoners. States will work for its citizens. Look at the deal W. Virginia got for its citizens against Select Portfolio Servicing (formerly known as Fairbanks Capital) and Homecomings Financial: http://www.wvs.state.wv.us/wvag/press/2005/june/09.htm West Virginia even states this: "Attorney General McGraw's office began investigating the companies in late 2002 after embarking upon a public educational campaign to combat predatory lending practices and MORTGAGE SERVICING ABUSES that were resulting in WRONGFUL FORECLOSURES of homes owned by West Virginia consumers. Although mortgage servicers merely collect accounts, and do not loan money to consumers, the servicers are the only companies that have direct contact with consumers. In addition, abuses by servicers may harm consumers and may lead to foreclosure even when the consumer is able to pay the underlying loan." An official acknowledgment of "mortgage servicing abuses" and "wrongful foreclosures". Two years ago, those phrases would never have been found in any official document because officials did not acknowledge the existence of such a thing. Ocwen is bringing it home to the people now. Ocwen will be on our home turf. Let's see if we can whip it and send it crying back to the Feds.

Jon, One must first know and understand the goal of the OTS. Here is an excerpt from a speech by Nicolas Retsinas when he was head of the OTS(search this name and you will find that Nicolas Retsinas is in a large part very responsible for Ocwen misery today). ~~~~~~~~~~~~~~~~~~~~~~~~~ Since the OTS's inception in 1989, its foremost goal has been to effectively regulate the thrift industry. In 1989 the goal was to "[d]evelop efficiency and effectiveness in dealing with the supervisory challenges of the future required by the rapidly changing operating environment." In 1990 the goal was changed to "[e]ffective supervision of the thrift industry," and in 1991 the goal was further refined by adding language highlighting risk-focused regulation, which enables us to allocate our resources based on the level of supervisory risk posed by each institution. By 1994 the goal had evolved to "[m]aintain and enhance a risk-focused, differential and proactive approach to supervision by encouraging safe and sound housing and other lending in those areas of greatest need." In 1995 that language was split into two separate goals, one dealing with supervision ("maintain and enhance our risk-focused differential and proactive approach to the supervision of thrift institutions") and the other with lending ("improve credit availability by encouraging safe and sound lending in those areas of greatest need"). ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~ As you can see, the stated goal of the OTS is ever changing and always in flux. Pinning down the goal from day to day would be as difficult as carrying water for a mile in one's hands. This speech is from 1997 and I am sure the stated goal has been rewritten many times since. Another problem lies in that Ocwen Federal Savings Bank in Ft. Lee, NJ does not service mortgages. Ocwen Financial in FL does that. They are two separate entities and I don't think OTS has anything to do with the FL branch. A complaint against the OTS would undoubtedly trigger the defense that "It is out of the jurisdiction of the OTS" as far as the mortgage servicing part goes. I still encourage everyone to complain if for nothing else to get a complaint on record somewhere in the Halls of Power. I am sure Mr. Denby understands the scheme fully. I am not so sure that he has any power to do anything about it in his capacity at the OTS. "We, the people" cannot force any government agency to do any job when things change so often and buck-passing is so easy. The government built the mortgage servicing monster for "our own good" after the failures in the S & L industry. In the committee's great haste to secure our access to credit it failed to attach a leash to its creation before setting it loose among us. At first the monster, being young and biddable, behaved itself. As it matured it gained strength, power and self-awareness. It also realized along the way that it was unleashed and free to do pretty much anything it wanted. It was a wild animal, so to speak, with a lot of power and no one to watch over it. It had no intentions of remaining meek and docile when it realized it could eat people whole without retribution. As a growing beast, its appetite has become voracious and the decimation of humans has accelerated. It will continue to accelerate. Forget the OTS, forget court cases. Neither weapon has the necessary power to tame this monster. But something does. The Legislative branch of the government has both the weapons and the ammo to put a stop to the rampage. It has the mighty pen and the power to enact laws. Congress can do the job. Unfortunately, if one attempts to lobby their Congresspeople on this issue, a lot of resistance is found. Why? Because this beast shares its wealth with our elected officials in the form of campaign contributions (what I call "bribes"). It buys immunity for itself and is always on its best behavior around these distinguished people. It buys more power at every election cycle. It tells those in power that it cannot understand why the people are so afraid of it. Sure, it is big and scary looking, but it subsists entirely on a vegetarian diet. It fails to tell them that it is only a vegetarian while in their presence and studiously refrains from eating people in the government. I have been h*o-hawed and ignored by both of the big parties on this issue. Neither side believes the monster is dangerous and anyone saying so must be a nutcase. These elected people will not work for me, even though that is their ultimate mandate. So, what weapons do we have? Only one and it is a very small bullet. We each have one vote. Every election day, I fire my one bullet. I vote Independent, Libertarian, Constitution Party, anything but Democrat or Republican. After all, the Big Two are responsible for this monstrous creation in equal measure and both equally refuse to tame it. Meanwhile, I write letters that surely go into the circular file as soon as they are received. I continue to look for anyone running for office who has been chased by the beast, but our current crop of professional politicians come from backgrounds that ensure they have never seen the monster close up. Anyone wanting to run for Congress that has had a close encounter with the beast has my support and my vote. Any takers?

Robin, I wonder how difficult it would be to get a well know and trusted attorney to submit a court request on behalf of all Ocwen victoms that would force the OTS to abide by it's own directives, etc.

As long as there are "companies" like Ocwen that are driven solely by greed; and morally corrupt "people" like Julie who would come to their defense knowing full well what they have done to so many hard working and honest people; as long as those in powerful positions who are sworn to protect us turn and look away, the fight will continue. Yes... but we will win in the end as we are fighting... Good against evil. We know that there will always are "people" like Julie who only care about their own selfish motivations... But thank God there are good people like Mr. Hanson, Marlene, Robin, Grace and so many others that are willing to help just because they can. Good Luck My Friend!

Dear Teri, My name is also Terri and I have a very long history with Ocwen and it's many counterparts, right now I am fighting to keep my family in its home against Aames home loan/ Ocwen / EMC. I had to file a cap. 13 to stop the eviction of myself from my home and then hired another attorney to sue for the replacement of my home to my name. All of my fees to date have been paid by my church and very good people who believe this is a great injustice that needs to be fixed. If you need anything at all you can call me at 706-253-2595. I live in Jasper Ga. and as I have three kids of my own, I know your pain and am willing to help you fight back and regain yous and your sons dignity. God Bless and good luck!!!!!!!

Boy, Julie, do you love the banking industry or what? You are a regular little cheerleader for financial sector companies, aren't you? You are just everywhere with your cute little comments, rah, rah. OK, Ocwen does not originate loans. It buys existing loan portfolios or the servicing rights to them. Ocwen is a well-known PREDATORY SERVICING COMPANY. A person can have a good loan that is corrupted by a predatory servicer. Teri's problems are due to a predatory servicer that corrupted her loan by misapplying payments and dreaming up fake fees. Once that begins, it is a runaway train on the downhill side to foreclosure. Remember the term...PREDATORY SERVICER..as it is coming up more and more often now. (This is a case of semantics and you, Julie, are splitting hairs here). The OTS knows this and meets with Ocwen on a regular basis, supposedly to stop this heinous practice. The OTS doesn't seem to do anything that I am aware of and I am sure Ocwen keeps the dirt swept far under the rug while they go about their attempt to debank. At the OTS Northeast Regional Office, in Jersey City, New Jersey, the Ocwen-related contact person is Richard Denby at 201-413-7316. Call this man and ask some questions. He knows what Ocwen does, but still doesn't do anything. Ask him why. Maybe he can join you on your cheerleading squad. At least he would be making some kind of noise. As for you, what is your agenda? Are you so clueless as to believe that the laws in this country today help anyone other than Big Business? If you believe that any amount of existing law will stop the rape of the American people, I would sure like to borrow your rose-colored glasses for a week or two. As far as financial sector businesses are concerned, they will simply get the laws changed to suit them. A lot of that going on lately. Yes, Julie, there are laws. Yes, Julie, those laws are broken all day, every day by Big Business while the guardians of our "rights" look the other way. Amazing how much blindness money can buy these days. Teri, the explanation above covers your case. No one in power cares. Congresspeople don't care, courts don't care, regulatory agencies do not care. As long as Wall Street floats high on the backs of victims like you and so many others, the blindness will persist. You can also call Mr. Denby and tell him your story. Perhaps you will get some results. Perhaps you will be just another case file in a stack that must be as high as the Empire State Building by now. But at least you will have made yourself heard by the supposed "powers that be" in the regulation department. Hold tight to your faith in God. Place it squarely in His hands. Evil has roamed the earth since the beginning of the human race. Sometimes evil is allowed to rule for long periods of time before the correction is made. But the correction always comes, sometimes by spectacular methods. Sometimes we can only keep faith in the Divine and wait.

Were you making your regular monthly mortgage payments during this time? Please also understand, the definition of predatory lending is this: Sell properties for much more than they are worth using false appraisals. Encourage borrowers to lie about their income, expenses, or cash available for downpayments in order to get a loan. Knowingly lend more money than a borrower can afford to repay. Charge high interest rates to borrowers based on their race or national origin and not on their credit history. Charge fees for unnecessary or nonexistent products and services. Pressure borrowers to accept higher-risk loans such as balloon loans, interest only payments, and steep pre-payment penalties. Target vulnerable borrowers to cash-out refinances offers when they know borrowers are in need of cash due to medical, unemployment or debt problems. I am not saying what has happened to you is right, but just so that you know what has happened isn't predatory lending, but perhaps the result of something else. Predatory lending happens in the beginning of your loan, when you are in the application of the loan.

PLEASE RESPONED AND HELP ME TO UNDERSTAND HOW OCWEN CAN KEEP DOING THIS TO PEOPLE . I KNOW ITS THE SAME OLD STORY OVER AND OVER , BUT I FEEL LIKE YOU COULD AT LEAST RESOND, ITS THE LEAST OCWEN COULD DO!!!! WAITING .........

It really hit me hard this morning the pain that Ocwen has inflicted on my son and myself. When I told him to get his things together its time to go home he answered, "Mom where is our home?" We have been moving around staying where we can since Ocwen had us thrown out on the street! I just can't understand how the people at Ocwen can sleep at night knowing that they are hurting people so badly with the deceptive imoral practices. I will sleep good tonight because I have something on my side that is bigger stronger than Ocwen and the devil himself, that being GOD! They say all things happen for a reason, and the only good thing that has happened to me out of all of this is that it has made may faith in GOD stronger than ever. And knowing that the more people Ocwen hurts with thier deciept the stronger we become. We will be heard and this too shall pass. We will haunt you Ocwen even if you were born without a conscience.My words and the others like me are haunting Ocwen as we speak! And thanks to the people of the rip off report we are being heard worldwide. I pray that Ocwen will let GOD in and open thier minds enough to know that they can and probobly would be sucessful without the deceipt and inflicting pain on other people. I would rather see this happen than to receive a dime of what they took from me if this could happen it would be priceless. How do I explain how we were robbed of our home and how do I expect a 5 year old to understand when I can't understand myself. I hope the people who are making these decisions for Ocwen can go home to thier children and families and thank GOD for them and as they kiss thier children goodnight think of all of the ones that they have made homeless and say a prayer for them too as i will say a prayer for them.