Ocwen Sucks

Written by Zeds Head

Saturday, 16 May 2009 07:23

ocwen

I couldn't think of a better title.

It's one thing for a company to claim they're doing everything they can to help people. They can advertise how wonderful and helpful they are all they want. They can even lie to the media through press releases. They can continue to make statements like “HELPING HOMEOWNERS IS WHAT WE DO!” all over their website, but actually doing that is another thing all together.

Ocwen Financial Corporation, a loan serving company in Florida has been all over the news in the last couple months bragging about their “proactive benevolence.” From the South Florida Business Journal, CNN Money, and Reuters. Most recently their President, Ronald Ferris, on NPR gushing about how much they are doing to help homeowners. Not once in any of these stories or interviews do the reporters ask for proof. Not once do they question what these executives are claiming. This is tantamount to aiding in a robbery.

In fact anyone I've spoken with at HUD or Hope Now, the groups who are supposed to be helping homeowners get through this all say the same thing. “I have yet to see a successful modification from any bank under the Making Home Affordable program.”

The truth of what Ocwen is doing is far from help.

Ocwen has over 500 complaints with the BBB. In fact, the BBB of Orlando rated them an F and they've even ripped off the VA. This is who Freddie Mac picks to head up it's new plan?

They delay the process of modification by asking for needless paperwork over and over again, telling customers they are waiting for software, and that the guidelines have somehow magically changed. The guidelines and the spreadsheet used by these banks is on the FDIC web site. All this information has been there since March and has not changed. None of the guidelines for modifying loans have changed since March either. It doesn't take a PhD in Math from M.I.T. to figure this shit out. It takes about an hour to gather the information and get through the spread sheet and figure this out. So the requisite 10 days that the Making Home Affordable program claims shouldn't be all that difficult. However, since the program was started in March, even requests filed within days of the program starting have not yet been processed by Ocwen.

To add to the stupidity Ocwen's Ombudsman Chintu Jobanputra made the following ridiculous statement in a letter to a customer who had filed for a modification under the Making Home Affordable program:

"...your request for a loan modification under the Home Modification
Program has been denied as you do not have sufficient disposable income to
make the required loan payments."

Let me know if that makes sense, would you? Because the way I read it Ocwen is saying: Sorry, we're going to keep you at a predatory rate because you dont' have the extra money laying around, growing on trees, and coming out of your ass to afford a lower more reasonable mortgage. Sorry for the politically incorrect comment, but it sounds like Chintu's towel is a little too tightly wrapped.

Total and unquestionable shitheadery. And shame on the media for taking these bastards at their word. When did reporters stop questioning the answers they were given?

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The opinions expressed by the writer are the opinions of the writer and their interpretation of shitheadery.

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