Ocwen is a Sham Designed To Be Thrown Under the Bus by Institutional "Investors"

The bottom line is that Ocwen really serves only one primary purpose: to be a front for investment banks that are still taking everyone to the cleaners. It is effectively owned and operated by the investment banks. If the day comes when the lid on securitization gets blown off, Ocwen will be blamed and will most likely go out of business. And there are other “servicers” in that position.

While it is still a reasonable bet that the investment banks will continue to control the political and judicial narrative, there are many signs that “securitization fail” (see Adam Levitin) is being revealed in the courts. As the number of foreclosures decreases, the increased opportunity for judges to truly consider the scheme in front of them is leading to a rise in judgments for homeowners and a revelation that the “REMIC Trust” is a label without meaning or existence in the real world.

Ocwen should be a verb. If you are “ocwened” you have been served a declaration of default on behalf of a named entity that does not exist and even if it did exist does not own your loan. The declaration is a legal nullity as is any modification that is offered or processed, or any foreclosure or “settlement.”

The investment banks “ocwen” you when a robowitness comes into Court and says Ocwen is a servicer and has conducted an extensive and thorough “audit” of the accounts from another servicer. The unreported liabilities of Ocwen probably exceed reported liabilities 100 times or more.

The economic performance of Ocwen is simply the amount of fees it is paid, which is just enough to keep it alive as long as it is useful to keep it alive. An indemnification from either the “REMIC Trust” or Ocwen for a count based on “lost note” is worse than worthless. It is a lie. A living Lie.

see https://mesaweekly.com/2019/10/26/trending-stock-news/ocwen-financial-corporation-ocn-and-its-rivals-financial-results-comparison/

https://forextv.com/top-news/phh-mortgage-expands-correspondent-lending-after-successful-launch/

And from a reader:

“Ocwen Financial and QuisLex US mortgage provider Ocwen and law company QuisLex have developed a process to analyse long and complex contracts, including mortgage-backed securitisations. The analysis uses artificial intelligence to compare hundreds of contracts and reduce the number of contract clauses that need to go before panel law firms. The time taken for such reviews has halved and the companies have saved more than $10m in outside counsel spending.”

Translation:

Streamlining the fraud

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