Sounds like Plaintiffs would have been in a better position if they had used the National Mortgage Settlement Consent Judgment rather than Fannie guidelines. What is even more interesting…it appears this judge was smart enough to completely divest himself of Wall Street – at least in his 2013 financial disclosure statement. See http://www.judicialwatch.org/wp-content/uploads/2014/05/Otis_D_Wright-2012.pdf?D=1
The order by U.S. District Judge Otis Wright in Los Angeles on Thursday ends one of several lawsuits across the country accusing mortgage servicers of charging excessive fees after homeowners miss mortgage payments, pushing them further into debt.
According to the article, while the lawsuit said Ocwen decided to “game the system” by charging borrowers unreasonable fees for property inspections, the judge said the homeowners had no right to enforce the Fannie Mae guidelines because they were not a party to them.
Homeowners’ entire theory of wrongdoing depended on the servicing guidelines, and without them they had no case, he said.
“We are pleased and agree with the decision of the court,” Ocwen spokesman John Lovallo told HousingWire.
Ocwen continues to make…
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