For Further information please call 954-495-9867 or 520-405-1688
And if you are in the mood to drill into Ocwen’s Business, see http://www.sec.gov/Archives/edgar/data/1513161/000119312513024292/d474092dex991.htm
Every once in a while you get a peek at what is really happening behind the scenes. The view from here is startling sometimes even to me. Here we have theater of the absurd. Ocwen is accusing the bondholders of forcing Ocwen to foreclose rather than modify or settle claims regarding the bogus mortgages and the bondholders are accusing Ocwen of bad servicing practices.
Absurdity #1: Bondholders don’t have any say about when or how the mortgages or notes are enforced and don’t know whether the debts followed the notes or mortgages. So Ocwen’s claim is blatantly false in its attempt to point the finger elsewhere. But this is done with probable tacit agreement of all parties concerned.
Absurdity #2: The bond holders still have not figured out or they are ignoring the fact that the loans never made it into the trusts and thus their position as bondholders has nothing whatever to do with the loans.
Absurdity #3: This may have been leaked intentionally to give support to the illusion that the notes and mortgages were valid, not bogus. It’s the Kansas City shuffle — look right while everything falls left.
Absurdity #4: Ocwen is not the Master Servicer — ever. The Master Servicer is the underwriter or some entity controlled by the underwriter of the mortgage bonds. It is the underwriter/Master Servicer who calls the shots, not Ocwen, and the bondholders know that. So why are they accusing Ocwen of something?
Absurdity #5: Ocwen’s position as servicer is governed by the trust document — pooling and servicing agreement for a trust that never actually purchased or received or accepted delivery of the debt, note or mortgage. Thus Ocwen’s authority is derived from an instrument that has no relevance to the loans. If the loans never made it into the trusts, then the PSA has no bearing on the alleged loans. Hence Ocwen is a volunteer with at best apparent authority but no real authority. This is why you are seeing courts order disgorgement of all money paid by the borrower — i.e., forcing the servicer to pay all money received from borrower back to the borrower.
Absurdity #6: The Emperor (the investors) has no clothes. [see one of earliest pieces 7 years ago). Like the old fable, the investors are sitting out there buck naked. Their claim is against the underwriter who never funded the trust in the IPO offering of the mortgage bonds. Other than that they have nothing in the way of a claim, much less a secured claim, in the loans made to the borrowers — even though it was their money that funded the origination and/or acquisition of loans. Since the federal and state disclosure laws were violated as a pattern of conduct, the loans were predatory per se (REG Z), even though the investors neither knew about the loans nor consented to them. Their best claim is against the underwriters/master servicers; but they probably have a partial claim against the borrowers for unjust enrichment, but it would not be a secured claim that could be foreclosed.