Exclusive: Big mortgage investors take first step toward suing Ocwen

Ocwen

Exclusive: Big mortgage investors take first step toward suing Ocwen

(Reuters) – Major mortgage bond investors including BlackRock (BLK.N), MetLife (MET.N) and Pimco (ALVG.DE) on Friday took a first step toward suing Ocwen Financial Corp (OCN.N), accusing it of having failed to properly collect payments on $82 billion of home loans, according to a person familiar with the matter and to documents seen by Reuters.

The group sent a formal notice of non-performance to Ocwen and trustees for 119 residential mortgage-backed securities trusts, alleging improper loan modification practices, wrongfully recouped advances, and a failure to account for cash flows.

The notice said that Ocwen also steered work to affiliates such as Altisource Portfolio Solutions (ASPS.O) and Home Loan Servicing Solutions (HLSS.O) for allegedly unnecessary or overpriced mortgage servicing to the detriment of the trusts, investors and borrowers.

The investors said the trusts had losses of more than $1 billion because of Ocwen’s failings.

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Comments
6 Responses to “Exclusive: Big mortgage investors take first step toward suing Ocwen”
  1. BOBBI SWANN says:

    The only way Homeowner’s are ever going to get anything is suing the lender in court. Don’t think for a minute that the CFPB or any other governmental agency is going to help the homeowner’s. Every single investigation, suit, allegation, or hint of wrong-doing by the banking cartels is solved with penalties and fines payable to the government. Aside from the monies rec’d on the Mortgage Review settlement, which never amounted to didly squat, homeowner’s are left with an empty bag to hold!

  2. Bonnie Green says:

    How do the homeowners like myself find iut about getting help as a result of Homeward/ Ocwen ?

    • BOBBI SWANN says:

      Bonnie – these lawsuits by the investors are of NO help whatsoever for you, the homeowner. If you want to take the initiative of Jack and the Beanstalk you can sue Ocwen same as they are. Otherwise, there is no skin in that game for the borrowers!

  3. Look! It’s the pot calling the kettle black!!!

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