North Carolina Commissioner of Banks Ray Grace, along with state mortgage regulators representing more than 20 states, issued regulatory enforcement orders to subsidiaries of Ocwen Financial today to “address mishandling of consumer escrow accounts and a deficient financial condition.” The Commissioner’s order prohibits the acquisition of new mortgage servicing rights and the origination of mortgage loans by Ocwen Loan Servicing, a subsidiary of Ocwen, until the company is able to “prove it can appropriately manage its consumer mortgage escrow accounts.” The Nebraska Department of Banking and Finance announced earlier that it issued a Cease and Desist Order to Ocwen Financial through its Nebraska licensed subsidiaries. The stock is down 14% to $4.64 in afternoon trading.
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It gets better, though. The Consumer Financial Protection Bureau (CFPB) announced today that they are suing Ocwen as well, according to HousingWire,
The CFPB announced Thursday that it is suing Ocwen Financial for “failing borrowers at every stage of the mortgage servicing process.”
According to the CFPB, its lawsuit alleges that Ocwen cost borrowers money, and in some cases, their homes, with its years of “widespread errors, shortcuts, and runarounds.”
In its lawsuit, the CFPB says that Ocwen “botched basic functions like sending accurate monthly statements, properly crediting payments, and handling taxes and insurance.”
The lawsuit also claims that also “illegally foreclosed on struggling borrowers, ignored customer complaints, and sold off the servicing rights to loans without fully disclosing the mistakes it made in borrowers’ records.”
The CFPB claims that it uncovered “substantial evidence that Ocwen has engaged in significant and systemic misconduct at nearly every stage of the mortgage servicing process.”
Think that is not serious? Here is what Patricia E McTaggart’s Minority Female and Labor discriminating Altisource is worth and it is dropping by the second,
It should come as no surprise that Patricia E McTaggart, Altisource, is beginning to pay for her hatred of Minority Females and Labor as exhibited by her continued access to and utilization of the Do Not Use list at Altisource. To deny Minority Females work based upon a Do Not Use List that Altisource maintains is about as low as it gets. In my nearly decade long fight against the National Association of Mortgage Field Services (NAMFS) I have encountered a lot of horrendous things. I have seen Eric Miller, the Executive Director whom runs an ALL WHITE BOARD OF NAMFS DIRECTORS, allow his white, former, and now disgraced NAMFS Secretary, Heather Berghorst, defraud over One Million Dollars from innocent Minority Females and Labor. All of that was upon Altisource work orders and under the watchful eye of Patricia E McTaggart. Miller’s support for and refusal to address civil rights violations did not end there, though. I mean there is no way Miller may say he does not support a Do Not Use list and yet keep Altisource as a NAMFS Members and not have public hearings under the NAMFS By Laws. No, Miller and his all white NAMFS Board of Directors were just getting underway. Altisource allowed Berghorst to close down Berghorst Enterprises and spin up not one, but TWO new companies and continued sending her checks and work orders knowing that she was not paying Minority Females and Labor. Eric Miller and the Board refused to remove Berghorst even after not one, but TWO documented bankruptcies which defrauded not only Minority Females and Labor, but US Taxpayers. Hell, even Fifth Third Bank sued Berghorst for Willful and Malicious injury! I mean this is the culture at NAMFS under the Miller Regime. Thinking that lawyers could silence Foreclosurepedia, both Berghorst and Miller ordered that threatening letters be issued and both lawyers were put out to pasture. In fact, Berghorst’s lawyer never recovered from the battle.
To say that the National Association of Mortgage Field Services (NAMFS) is ethically challenged is putting it mildly. Never has a Trade Association found itself and its Membership embroiled in so many overt felonies and outright racism as NAMFS is today, under the direction of Eric Miller. And never has it been more important for Labor to gather round and begin to picket and demonstrate against both Eric Miller and Altisource.
Eric Miller’s over One Hundred and Twenty Two Thousand Dollar Per Year salary consumes over SEVENTY FIVE PERCENT of all NAMFS Member dues and is directly linked to the financial insolvency NAMFS is experiencing.
If Patricia E McTaggart thought that the war dealing with her previous involvement with discriminatory behavior towards Minority Females and Labor was bad; if Eric Miller and NAMFS honestly believe that Matt Pratt of Laudan Properties is going to be given a free pass to continue to deny civil rights to Minority Females and Labor, they are all sadly mistaken.
More on this fast breaking story as it unfolds.