The major players in foreclosure, mortgage modifications and abuses of consumers like Bank of America, Wells and the Too Big To Fail Banks are slithering away from this business
…moonwalking away from the crime spree and turning their operations over to other players like Nationstar and Ocwen.
But increasingly, the conduct of these players is coming under scrutiny. I wish it would come under just a teeny/tiny little bit of scrutiny by judges in foreclosure proceedings in which Ocwen appears, but that’s apparently not going to happen.
There are smoke clouds coming from a different direction however
Feb 11 (Reuters) – A number of institutional investors including BlackRock Inc are considering the possibility of legal action against Ocwen Financial Corp over its mortgage servicing practices, a person familiar with the matter said on Tuesday.
The investors want greater transparency on how Ocwen, the country’s largest nonbank mortgage servicer, manages its mortgages, particularly loan modifications, the person said.
Richard Gillespie, a spokesman for Atlanta-based Ocwen, declined to comment about any possible action by investors. Ocwen said in a statement, “Helping people avoid foreclosure via sustainable modifications are good for our business, the investors who own the mortgages, homeowners and communities.”