Are we ready to invent the new Monopoly game? Can’t you just picture it? Instead of Boardwalk and Park Place we get Chase and BofA; Connecticut, Vermont and Oriental Avenues become AHMSI, Homeward Residential and Ocwen. There’d be a lot more get out of jail free cards and Community Chest would become Office of Controller of Currency and Chance would be Federal Reserve. Yeah, I can envision the entire game – how many times can we bankrupt them?!
By William Hudson
Ocwen Financial, one of the largest subprime mortgage servicers in America, has big problems. Analysts predict that Ocwen will be forced to file bankruptcy as the SEC opens up two more investigations into the loan servicers business practices while the stock goes into free-fall.
A further hurdle will befall homeowners if Ocwen files for bankruptcy protection because another shield is placed between the homeowners and the banks who are the culprits- but just happen to control all of the “loan” information. As Neil Garfield would say, “They have plenty of bodies to throw under the bus.” To date, homeowners and their attorneys in litigation have been frustrated by attempts to discover who the true creditor is especially when the servicer hides behind bankruptcy, mergers and receivership (Fannie and Freddie).
Ocwen reported a $247 million annual loss while revenues tumbled 17.5% last week at the same time the…
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