Ocwen | Delivery of Modification Package and Petition by Bermuda Triangle Recovery Services (VIDEO)

This was fun…

Volunteers representing several community action groups went to Ocwen Financial in West Palm Beach, Florida and delivered the paperwork along with a petition with 74 hundred signatures supporting 71-year-old Dixie Mitchell, in person.

More on this here, here, and here…

Superintendent Lawsky Announces Agreement With Goldman Sachs, Ocwen, Litton On Groundbreaking New Mortgage Practices
Sale of Goldman’s Subsidiary, Litton, Conditioned on New Servicing Practices; Goldman to Significantly Reduce Loan Amounts for Those Hit by Financial Crisis

New York, NY (September 1, 2011) – Superintendent of Financial Services Benjamin M. Lawsky today announced that New York’s Department of Financial Services and Banking Department have entered into an agreement with Goldman Sachs Bank, Ocwen Financial Corp. and Litton… to adhere to landmark new Mortgage Servicing Practices. The agreement was required by the Superintendent as a condition to allowing Ocwen’s acquisition today of Goldman Sachs’ mortgage servicing subsidiary, Litton. With the Litton acquisition, Ocwen’s mortgage servicing entity, Ocwen Loan Servicing, LLC, will become the 12th largest servicer in the nation, handling a very large number of customers in foreclosure or facing possible foreclosure.

“This agreement provides important consumer protections for homeowners who have found themselves in dire straits due to the financial crisis,” Superintendent Lawsky said. “Our agreement sets a new higher standard for the residential mortgage servicing industry, whose troubling foreclosure and servicing practices we have been investigating along with other regulators across the country. Goldman Sachs, Ocwen and Litton have now all agreed to put the rights of homeowners ahead of their profit margins by implementing these changes.”

As a further condition to his issuance of a “No Objection” letter on the Litton acquisition, Lawsky obtained a commitment from Goldman Sachs to assist affected homeowners by writing down approximately $53 million in unpaid principal. Goldman’s commitment will forgive 25 percent of the principal balance on all 60-day delinquent home loans in New York serviced by Litton and owned by Goldman Sachs as of August 1.

Importantly, the agreement today is a condition of the acquisition and does not preclude any future investigations of past practices or release any future claims or actions whatsoever.

The new Agreement on Mortgage Servicing Practices that Goldman, Ocwen and Litton have signed makes important changes in the mortgage servicing industry which, as a whole, has been plagued by troublesome and unlawful practices. Those practices include: “Robo-signing,” referring to affidavits in foreclosure proceedings that were falsely executed by servicer staff without personal review of the borrower’s loan documents and were not notarized in accordance with state law; weak internal controls and oversight that compromised the accuracy of foreclosure documents; unfair and improper practices in connection with eligible borrowers’ attempts to obtain modifications of their mortgages or other loss mitigation, including improper denials of loan modifications; and imposition of improper fees by servicers. The Agreement makes the following changes:

  1. Ends Robo-signing and imposes staffing and training requirements that will prevent Robo-signing.
  2. Requires servicers to withdraw any pending foreclosure actions in which filed affidavits were Robo-signed or otherwise not accurate.
  3. Requires servicers to provide a dedicated Single Point of Contact representative for all borrowers seeking loss mitigation or in foreclosure, preventing borrowers from getting the runaround by being passed from one person to another. It also restricts referral of borrowers to foreclosure when they are engaged in pursuing loan modifications or loss mitigation.
  4. Requires servicers to ensure that any force-placed insurance be reasonably priced in relation to claims incurred, and prohibits force-placing insurance with an affiliated insurer.
  5. Imposes more rigorous pleading requirements in foreclosure actions to ensure that only parties and entities possessing the legal right to foreclose can sue borrowers.
  6. For borrowers found to have been wrongfully foreclosed, requires servicers to ensure that their equity in the property is returned, or, if the property was sold, compensate the borrower.
  7. Imposes new standards on servicers for application of borrowers’ mortgage payments to prevent layering of late fees and other servicer fees and use of suspense accounts in ways that compounded borrower delinquencies and defaults.
  8. Requires servicers to strengthen oversight of foreclosure counsel and other third party vendors, and imposes new obligations on servicers to conduct regular reviews of foreclosure documents prepared by counsel and to terminate foreclosure attorneys whose document practices are problematic or who are sanctioned by a court.

Ocwen and Litton are immediately taking steps to implement these servicing practices. Goldman, which is exiting the mortgage servicing business with the sale of Litton, has agreed to adopt these servicing practices if it should ever reenter the servicing industry.

CLICK HERE >>> AGREEMENT TO END ROBOSIGING AND COMPENSATE

CONSENT ORDER HERE

KEY:  The firms also agreed to strengthen oversight of foreclosure counselors and terminate any foreclosure attorney who has problematic document practices or who faces court sanctions.  FILE YOUR COMPLAINTS WITH New York’s Superintendent of Financial Services!

There are several ways to get assistance with an issue, make an inquiry or file a complaint against an institution that we supervise. The quickest way to reach someone is by calling our toll-free onsumer Help Line at 1-877-BANK-NYS (1-877-226-5697).

The Consumer Help Line is open between 9:00 am and 5:00 pm Monday through Friday. During off-hours, you may leave a message. Our Consumer Help Unit staff speaks English, Spanish, Russian and Mandarin and can provide referrals and answer questions you may have with regard to a financial institution or mortgage.

For more information on filing a complaint or to file a complaint online or via email visit our Consumer Help page

KEY: Goldman will forgive 25% of the principal balance on New York home loans 60 days or more past due serviced by Litton and owned by Goldman as of Aug. 1.

More here: Goldman, Litton, Ocwen sign New York robo-signing deal http://j.mp/nmkdBV

AND

Oh, this too:  Goldman, Litton and Ocwen also agreed to withdraw pending foreclosures if affidavits were robo-signed or inaccurate.

AND: The deal also prevents Litton or Ocwen from adding late fees and other servicer fees that make it more difficult for delinquent borrowers to pay back what they owe.

From this article:   Goldman to stop robo-signing mortgages: http://on.msnbc.com/p7rj5O via @msnbc

And even more here: Goldman Sachs Ordered By Fed To Hire Consultant To Review Mortgage Loans http://huff.to/nUiuQ8 via @huffingtonpost

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4closureFraud.org

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Bermuda Triangle Recovery Services Delivery Receipt

Comments
6 Responses to “Ocwen | Delivery of Modification Package and Petition by Bermuda Triangle Recovery Services (VIDEO)”
  1. lvent says:

    Bloomberg news reporting that CITI is set to write a big check to their INVESTORS…..FOR MISLEADING THEM ABOUT MBS……WTF???? WHERE IS THE HOMEOWNERS CHECKS???? WE WERE ALL INVESTORS IN THEIR MORTGAGE FRAUD PONZI SCHEME TOO….THEY JUST NEVER TOLD US……..I don’t want a loan mod or a principle reduction….I WANT A BIG FAT CHECK…FOR ALL OF THE FRAUD THEY COMMITTED IN MY NAME…..

    • lvent says:

      THE U.S. GOVERNMENT’ HAS A POLICY, THEY DO NOT NEGOTIATE WITH TERRORISTS….SO EITHER WILL THE AMERICAN PEOPLE…..I get it that this woman is 71 years old and this is stressful…. but I will not conform to their b.s. or go along with anymore of their FRAUD..THEIR DEBT IS UNSUSTAINABLE…..THEY HAVE 10 MORTGAGES ON EVERY LOAN THE TAXPAYERS HANDED THEM…..BULLSHIT….NOW IT IS TIME FOR THEM TO SHOW ME THE MONEY……..!!!!

  2. housemanrob says:

    Geeez………..now everything will be fine and dandy. A 25% writedown…..wow……let’s see…….my home was appraised at 650k, now it is appraised at 425k……..but I owe 350k….and I couldn’t sell it now for 250k…… and I live in a PUD with less than 100 homes of at least one half acre or more…….the house next door to me appraised at 1 million $ sold recently for 425k………uh oh…..these numbers don’t work for me……….so all I can say is………….. fuck Ocwen and the rest of them!

  3. WakeUpAmerica! says:

    Great job! And very creative I might add!

    • lvent says:

      Shut the hell up WAKE UP AMERICA? …..it is utterly ridiculous that these people have to go through this B.S. at all…..THESE CRIMINALS NEVER LENT US ANY MONEY….AT ALL…!!!! They owe the homeowners a TON OF MONEY IN ILL GOTTEN GAINS….NEVER CONFORM….THAT IS WHEN THEY GOT YOU…….!!!!

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  1. […] Maybe we should pull out our old Bermuda Triangle Recovery Services shirts and take a trip over to Wilmington Savings Fund of West Palm Beach to deliver a message like we did with Ocwen back in the day… […]



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