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You should join if there is a class action suite against Ocwen (if you've ever attempted or completed a short sale via Ocwen). Every agent engaged in an Ocwen short sale should join the class action suite if presented the opportunity. Every citizen whose loan modification was subverted by Ocwen resulting is the lose of the home should join the class action suite.
LA TImes writes, "California's action accuses Ocwen of defying requests for information by the California Department of Business Oversight, which licenses nonbank mortgage lenders and providers of collection and foreclosure services."
The best outcome will be a suit on the Bank of America Board goes to prison. What will happen is another $1,000 fine, a thin promise from Ocwen, then business as usual.
Regarding the real estate market segment called 'distressed' Ocwen is too big to fail.
What does it mean to current customers....their houses will continue to be stolen by an organization who defies the laws consumers hope are in place to protect them.
Meanwhile, if you are currently doing business with Ocwen, keep alert to get you name on the list of victims who will share in the billion(S) settlement.
But history has revealed the real victim, the owner who lost their home, will NOT be compensated, but everyone else will.
And it all started by Bank of America paying off Moody's.
Me? Not sure how it would affect me.
Every dealing that I have had with that company has been painful.
Nothing to my clients.
News to me
I need to check out this news. Though, nothing would please me more than to see OCWEN leave the real estate business.
This is the first I have heard of this, but it is major news. If THEIR license has been suspended I would think it was because of their HUBZU dealings. Not professional and we are still waiting on a deed. More than a year and a half, still no copy of it to the buyer. It has been recorded, but buyer did not receive a copy.