December 2013

The Ocwen Settlement Numbers Are Wrong

December 30, 2013 Lynn Szymoniak

The biggest news in 2013 relating to fraud by mortgage servicers came at the very end of the year when the Consumer Financial Protection Bureau, together with attorneys general and state banking regulators in 49 states announced a $2.125 billion settlement with Ocwen Financial Corporation and Ocwen Loan Servicing, the largest nonbank mortgage loan servicer in the country.… [Read More]

Ocwen Settles for Homeowner Abuse

December 30, 2013 Mark Cullen

On the recent Ocwen settlement, an article from David Dayen at The New Republic:

The year just wouldn’t be complete without one final dubious financial fraud settlement. A consent order between the Consumer Financial Protection Bureau, every state but Oklahoma, and the mortgage servicing company Ocwen again shows the continued, systemic mistreatment of American homeowners.

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Fake BofA Office of CEO Purged Complaints & Falsified Records

December 16, 2013 Lynn Szymoniak

Via MSN Money:

Instead of helping homeowners as promised under agreements with the U.S. Treasury Department, Bank of America stalled them with repeated requests for paperwork and incorrect income calculations, according to nine former Urban Lending employees. Some borrowers were sent into foreclosure or pricier loan modifications padded with fees resulting from the delays, according to the people, all but two of whom asked to remain anonymous because they signed confidentiality agreements.… [Read More]

ACLU Sues FHFA For Limits On Eminent Domain

December 10, 2013 Lynn Szymoniak

From the ACLU:

“If eminent domain can be used in blighted neighborhoods to seize property that will be turned over to private developers, then eminent domain should also be available to help homeowners stay in their homes and to stabilize neighborhoods,” said Rachel Goodman, staff attorney with the ACLU’s Racial Justice Program.

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First Circuit Certifies Springfield Foreclosure Ordinance

December 10, 2013 Lynn Szymoniak

The First Circuit certified a question to the Massachusetts Supreme Judicial Court regarding the Springfield, MA foreclosure ordinance, which requires foreclosures to maintain properties and provide a $10,000 cash bond per foreclosure in the city.

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