U.S. Objects to Ocwen Buy of ResCap Loans (GMAC)

 U.S. Objects to Ocwen Buy of ResCap Loans

The U.S. is worried Ocwen Financial Corp. (OCN) won’t abide by a home-lending industry overhaul that was “designed to protect homeowners from future occurrences of mortgage-related abuse and fraud” when it takes over Residential Capital LLC’s servicing platform as part of a $3 billion deal.

Papers filed in advance of a Nov. 19 bankruptcy court hearing at which Ocwen will seek a judge’s permission to seal the deal say talks are under way, but for now the government plans to object to Ocwen’s acquisition unless Ocwen agrees to honor reforms agreed by ResCap.

Ally Financial Inc. also filed papers saying it is concerned about Ocwen’s willingness to honor the industry settlement, as well as a 2011 consent order with banking regulators.

Earlier this year, ResCap was one of the parties to a historical mortgage servicing settlement agreement with the U.S. and 49 state attorneys general designed to quiet allegations of systemic fraud in the home lending and mortgage servicing industry. The fraud ranged from misrepresentations to consumers to false filings with courts in foreclosure proceedings.

“These are matters of great concern to the U.S.,” lawyers for the government wrote in a filing with the U.S. Bankruptcy Court in Manhattan, adding the reforms agreed to by ResCap and other major players are “critical to protecting homeowners.”

More here…

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Comments
9 Responses to “U.S. Objects to Ocwen Buy of ResCap Loans (GMAC)”
  1. Pretzer says:

    My mortgage was also sold to Ocwen by GMAC. I wasn’t notified, nor did I get a “welcome” letter from Ocwen. They just drafted my account TWICE for the 1st month on the 1st and 7th. When I called customer service, the agent said he would reverse the 2nd draft. That he did! but the money didn’t go back into my account. Now I can’t pay the rest of my bills for the month.
    I have an excellent credit score, never been late on any bills or payments with anyone. Why am I being treated like this?

  2. Ken says:

    We to have Ocwen for our 2nd mortgage now taken over from GMAC.Ocwen is terrible to get thru to routes all calls to overseas call centers.Please be warned neither company has been applying our payments correctly and I wonder what can be done.Please e-mail suggestions to kennethw34@yahoo.com.PLEASE LISTEN TO MY WARNING THESE COMPANIES ARE CROOKS NOT OUT TO HELP THE HOME OWNER AND WILL SCREW YOU OVER ANY WAY THEY CAN EVEN IF IT MEANS BREAKING THE LAW!!!!!!!!!!!!!!!!!!!!!!!!!! DONT EVEN CONSIDER THEM FOR ANY LOANS. THANKS FOR LISTENING. Ken from Wisconsin.

  3. Debbie says:

    OCWEN is horrible. My loan was sold to them about 2 yrs ago. I have had them twice for a mortgage co. and you can never get ahold of them. They wont work with you on payments if you are late. I tried to do a loan modification and that was a nightmare. They only wanted to reduce my payment by 20 dollars a month then add all kinds of other charges for misc stuff. I finally did a short sale on my home and i have never been happier. They are crooks…

  4. AHM, AHMSI, HOMEWARD, OWCEN WILBUR ROSS ON THE BOARD OF DIRECTORS FOR OWCEN, HOMEW WARD MERGED WITH OWCEN YOU CAN FIND IT IN THE SEC, AS SO ALITISOURCE The company who will come and take your home, Owcen is all the same,they are a bigger scam, Owcen now is my servicer, March 11 2013, I already have issues with Owcen, I have a file OPEN WITH THE TX ATTORNEY ON HOMEWARD, AHMSI, AMERIQUES, CITIMORTGE, and I filed complaint in March 19 2013 with the FCPD, and has now moved on, the next hands, now I have to start over and send All I Sent to Homeward the WQR, and the prof of Fraud, and assignment notary fraud, these third party service are debt collectors, they are not a lender, and most of us do not have a lender we have investors.. These servicers change often they also change loan numbers . I will never claim to owe money on a loan number where I did not sign a contract, never.. when these many debt collectors change the loan numbe they then securitized , what money making scam..

  5. My loan was GMAC. Now it is Ocwen. They have now autodrafted my mortgage TWICE and are refusing to refund me one of the payments. They have also mysteriously charged me a late fee of $60 for non-payment, while they have taken more than $2500 of my money in the last 10 days. Fraudulent doesn’t even BEGIN to cover it. What can I DO??

  6. Sharon says:

    I truely think it’s time to take these SERVICE COMPANIES AND START CLEANING HOUSE THE ONE THAT DO NOT PLAY BY THE RULES ARE OUT. All CEO Officers that have a hand keep the homeowners in DEFAULT need to spend time in JAIL. I don’t CARE how much money they have or what crook they have a ATTORNEY. Maybe they need to be the in Courts
    and face some of these people. And until we make these service companies accountable IT’S NOT GOING TO STOP.

  7. Sounds like something fishy is going on.If I didn’t know better I’d think someone is trying to monopolize but thats illeagle isn’t it?

  8. Fed Up says:

    Didn’t Ocwen just aquire AHSMI/Homeward Residential? What is going on??? Anyone?

    • DMB says:

      yes.. Owcen merged with Homeward if you find them in the sec, you will see they merged also you will see how this scam is working and Wilbur Ross who owned AHMSI, AHM, is on the borard of Directors OF OWCEN, they are all the same ceo, Wall st, all they do is move around the tabel and change chairs, for most states the statute of limataions for a debt colloctor is 4 years, this is why they change chairs and names yet they are the same, owners scamming the homeowner, and money laundering to India Japin or a corporation locaton out of the USA tax free, when they change you loan number that new number will get securitized I know this for fact, can show it my original loan is asset back pass through 2002-12, DBNTC-AMERIQUEST, HOMEWARD, AMC, AHMSI, NOW OWCEN, my homeward loan number was securitized in at least 5 trust, if you look on your 1098 you will find the fedID NUMBER.. google that number when I did the Homeward fed idnumber took me to the SEC EXCHANGE COMMISSION STATE OF WASHINGTON SITE, this is how I found AHMSI, AMC, HOMWARD,has securitized under the new loan number, I thinks is sec fraud, becasue I am alread in a trust or many as asset back pass through 2002-12, DBNTC-for certificates series 2003-12 trust DBNTC, AS THE TRUSTEE FOR ..
      its all fraud.. all of it.. securitiztion of loand is a way to money laundry,

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