Pending Foreclosure Fraud Settlement Achieves New Level of Abject Regulatory Failure

Ponzi Settle

Pending Foreclosure Fraud Settlement Achieves New Level of Abject Regulatory Failure

Before we get any further, we need to stress how patently ridiculous these cost claims are. Notice that one of the things that this review process claims to be doing is reviewing whether borrowers were charged incorrectly. Reviewing the loan files is not going to get you there. You could either check a random sample of consumer records (which would be time consuming but give you insights you could not get any other way) or audit servicer software to see how payments were applied and processed. We’ve discussed for a long time that servicer-driven foreclosures (due to illegal application of charges to borrowers) are a big part of the problem; foreclosure defense lawyers say they represent 50% to 70% of the cases they handle. But this process was never set up properly to diagnose that.

Second is the absurdity of the “up to $250 an hour” and “up to 20 hours a loan file” claims. We’ve spoken at length to mortgage experts; it should take someone competent no more than an hour on average to review a file because there aren’t than many items to review if you are looking for frauds on borrowers as opposed to going on a treasure hunt for file errors, the overwhelming majority of which don’t have any implications as far as borrower harm is concerned.

We interviewed a partner at SolomonEdwards, a firm that has mortgage file reviews and remediation as a line of business and had 600 people deployed on OCC reviews. We deemed the process to be overkil. Even so, they were spending 3 hours on average, vastly less than the level the Times implied

Full post here…


3 Responses to “Pending Foreclosure Fraud Settlement Achieves New Level of Abject Regulatory Failure”
  1. Bruce R Nelson says:

    I am a victin of having my home stolen by OCWEN/HSBC/AHMSI. Along with stealing it I lost am AAG commitment after$340 appraisel to issue me $300k. A Federal Ct Judge (Anna Brown) decided the give my home to allegedly criminal companies (HSBC laundering of S American drug cartel profits (does El Chappo ring any bells) andf OCWEN for FRAUD. Ocwen “lost” my files after CFPB slapped them with a 2 billion $ recovery fund. I am now 77, disabled vet and pennyless because of Qcwn et al. Judge Brown awared these crooks my home and dismissed me with PREDJUDICE. And Ocwen never produced a shred of evidence that they had any standing while I, in fact had title in my name via Judicial order, Polk County, OR which during at hearing late 2009 the Civil Ct Judge Horner asked apposing counsel for AHMSI/OCWEN “do you have the “NOTE” required under TILA andf she said “No your honor” case closed, home remained in my titled ownership and after which I invested approx $59k improvrements for which a year later Ocwen with their cocky high dollar attorney gained unlawful enrichment.

    I have a claim with Ocwen but after over a yar of no contact fom OCWEN I sent a bitter letter to Richard Cordrey, Dir of CFPB and approx 2 weeks later I rec’d my first contact in overr a year from OCWEN (Maria Esquval, Ombudsman/Ocwen. Ultimately she advises me “We have misplaced or lost our files on your claim”. With that she declared I have to reproduce everything (which is impossibe). Its now been over a month since any other word from OCWEN except I did initiater a call and ended up taliking a man who claims he will “get this done” what ever in helll that is supposed mean.

    Yes the post 2009 era is a nightmare. Why ever in Gods name did CFPD feed us lambs to the OCWEN wolves is beyound comprehension. Ocwen has pullled the sheets over Cordreys CFPB eyes. Ocwen has taken CFPB for suckers and me with expectaions my mortality will be yet another piece of cake for Ocwen and its criminal partnrs at HSBC. “Willie Boy Ross, , bailed out when he dumped Option One /AHMSI into the loving arms of OCWEN. Willie the east coast vulture captalist poceted his loot and vaporized into the night escapingthe culpability of AHMSI who I, Pro Se, mopped the floor with AHMSI the first week of Januart 2010. But alonf comes an idiot Fed Judge gave away my home to HSBC/OCWEN/SHMSI. My sole argument was “Where is the Note and the Mortgage” Brown assisted OCWEN by dismissing me with predjudic, a then 76 yr old disabled vet who can never revover from the pennyless I live with today.

    Thank you for this forum. I expect I will remain in the cold till my Maker meets me at His Holy Gates.

    Bruce R Nelson
    26 C Pinetop Circle
    Banner Elk, NC 28604

  2. Ronald Williams says:

    But here is the kicker: After all that has been done, the banks continue in their fraudulent foreclosure practices. The format for servicer audits is either woefully inadequate, or the so called audits are not really taking place. We were one of the first to submit our material for an audit. The fact of our matter is that JPMorgan Chase Bank has fraudulently held itself out as the entity entitled to our mortgage payments. Our audit could not proceed without the auditor discovering this. This is no doubt why no response has been forthcoming even though our submissions are well beyond a year old. We are at 702 270-9937. A casual view of our case will explain the courts and federal agencies complicity in the fraudulent foreclosures: By failing to respond in any manner to evidence presented them,

  3. bobbi swann says:

    hat do you expect form satan’s workers? Problem is people cannot recognize the devil when they see it. Obvoiulsy to the eye, they will not be dressed in red, with blazing horns protruding from the head nor will you see a longated tail and pitchfork. Nevertheless, the majority of politicians are demons of the devil. Satan is gathering his army for the final days. We have tossed our God aside and made way for Satan to move in. Now more than ever, I pray for the book of Revelation to materialize.

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