SIGTARP QUARTERLY REPORT TO CONGRESS I JANUARY 27, 2016
SIGTARP’s concerns over servicer misconduct contributing to homeowner redefaults in HAMP have been borne out. Treasury’s findings in its on-site visits to the largest seven mortgage servicers in HAMP over the most recent four quarters show disturbing and what should be unacceptable results, as 6 of 7 of the mortgage servicers had wrongfully terminated homeowners who were in “good standing” out of HAMP.
These staggering findings clearly show that servicer misconduct is contributing to some homeowners falling out of HAMP. Homeowners were wrongly terminated from HAMP by their servicer despite making timely mortgage payments, putting them at risk of losing their home. These homeowners were forced out of HAMP through no fault of their own. Mortgage servicers did not give these homeowners a fair shot. As these instances were found through sampling, Treasury does not know how many other homeowners were also wrongfully forced out of HAMP. Continue reading →
Forbes has reported: Mortgage firm Ocwen Financial has found itself in hot water over conflicts of interest in its foreclosure policies.
California regulators are seeking to suspend the mortgage license of Ocwen Financial, after the servicing giant did not adequately respond to repeated information requests into its compliance with the state’s Homeowner Bill of Rights. Suspension proceedings began in October, Tom Dresslar, a spokesperson for the California Department of Business Oversight told Forbes on Tuesday. Continue reading →
The new word in the securities fraud cover-up banter is “ministerial” – and so very far from the truth.
On April 2, 2007, New Century Financial Corporation and its related entities filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, District of Delaware and is currently heard and administered by the Honorable Kevin J. Carey.
With the filing of bankruptcy, New Century took down a list of affiliate / entities including New Century Mortgage Corporation, Home123 Corporation, New Century Mortgage Ventures, Midwest Home Mortgage, among a host of others. New Century was one of the Continue reading →