California Real Estate Fraud Report

You have just entered the #1 private-sector resource on the Internet for real estate fraud. In doing so, you have voluntarily left the dimension of the conventional real estate world and crossed over to the Dark Side, the realm where greed, dishonesty and evil are the order of the day. Sign up for a free subscription to this comprehensive news resource and receive weekly, timely news reports about real estate fraud, mortgage fraud, short sale fraud, REO fraud, title fraud, loan fraud, appraisal fraud, affinity fraud, loan modification scams, securities fraud and elder financial fraud.

30
Oct

Blaming the Computer Excuse May Cost Ocwen $100 million

In the latest news to surface about Ocwen Financial committing servicing violations by backdating loan modification denial letters, Ocwen’s executive chairman said the company is setting aside $100 million to settle with Benjamin Lawsky, the superintendent of New York’s Department of Financial Services.

Executive Chairman Bill Erbey told analysts on an October 30 conference call that the $100 million was Ocwen’s “best estimate of the exposure,” after Lawsky identified 6,100 borrowers who received the backdated letters. Ocwen, which weakly tried to blame the letters on “the computer,” has known about the problem for over a year, when one of its own employees informed executives and an internal monitor about them.

The settlement, according to Michael Bourque, Ocwen’s executive vice president and CFO, could be even higher.

Ocwen is in a hurry to put the matter in its rearview mirror because it’s preventing the company from completing its purchase of $39 billion in mortgage servicing rights from Wells Fargo.

Read the original article in National Mortgage News.

© Copyright 2007-2017 Monique Bryher

Legal Disclaimer.

The information and notices contained on The California Real Estate Fraud Report are intended to summarize recent developments in real estate fraud, mortgage fraud, short sale fraud, REO fraud, appraisal fraud, loan modification scams, loan modification fraud and other real estate related crimes occurring in Los Angeles and California. The posts on this site are presented as general research and information and are expressly not intended, and should not be regarded, as legal advice. Much of the information on this site concerns allegations made in civil lawsuits and in criminal indictments. All persons are presumed innocent until convicted of a crime. Readers who have particular questions about real estate fraud, mortgage fraud and appraisal fraud matters or who believe they require legal counsel should seek the advice of an attorney.

ALL RIGHTS RESERVED. No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording or by any information storage and retrieval system, without written permission from the author, except for the inclusion of BRIEF QUOTATIONS in a review.

BLOG POWERED BY SHARP BIZ IMAGE

Copy Protected by Chetan's WP-Copyprotect.