BREAKING NEWS: DS News is reporting that Ocwen Financial is facing a Class Action lawsuit over their financial practices during the same period of time that Foreclosurepedia began reporting heavily upon their subsidiary, Altisource, and Altisource‘s unsound relationships with Vendors whom refused to pay combined totals in the millions of dollars to Contractors. In fact these Vendors, all Members of the National Association of Mortgage Field Services (NAMFS) Regime, have recently folded shop. More on point, the disgraced, former NAMFS Regime Secretary Heather Berghorst filed for a Chapter 7 Bankruptcy, her second bankruptcy, all under the watchful eye of Altisource.
In a complaint filed with the U.S. District Court for Southern Florida, the Law Offices of Howard G. Smith, a firm focused on representing investors, accused the Atlanta-based mortgage company of failing to disclose to its shareholders that its servicing practices “violated applicable regulations and laws” and that its executives were involved in funneling millions of dollars in fees through Altisource Portfolio Solutions, a related company.
In another headache for the company, Ocwen recently announced that an audit of financial statements for 2013 and the first quarter of 2014 revealed they “can no longer be relied upon as being in compliance with generally accepted accounting principles.”
Head over to DS News to read the entire article which was written by Tory Barringer. Stay tuned when later this afternoon we open the door on the truth behind Wells Fargo and the Background Checks. You do not want to miss this explosive expose on the seedy underbelly of Wells Fargo’s relationship with Aspen Grove Solutions and the reality of the Truth In Lending Act!