Reach Around Please

Since March we've been hearing how much the banks are doing (from the banks) to help homeowners. How much they love Obama's Making Homes Affordable plan and what a great day it is in Amerca's history when homeowners will be saved and banks and loan servicers like Ocwen won't have to screw homeowners anymore.

Ocwen Chairman William C. Erbey, said in an interview (and I use the term interview loosely when I refer to a press release), "We're proud to be able to aggressively implement the President's plan, which we support and are committed to helping make a success."

Erbey went so far as to write Obama a letter. Really! Check it out:

"On behalf of Ocwen Financial Corporation, I applaud you, Secretaries Geithner and Donovan and your economic team on the adoption of...a sweeping loan modification program to assist homeowners with unaffordable mortgages and prevent avoidable foreclosures. We share your view that loan modifications are the key for a lasting solution to the daunting foreclosure crisis -- a crisis that lies at the very heart of our nation's economic problems and threatens millions of families with the loss of their American Dream -- their home. We fully support your new Plan and will work hard to help make it a success."

Of course he did this all conveniently in an investor magazine, who we all know hires only top-notch reporters.

My favorite though, even if it made me throw up a little in my mouth, was from Ocwen's head asswipe, Ronald Ferris. He says in another Investor Rag:

“We deal with borrowers in distress on a one-on-one basis. We roll up our sleeves; we talk directly with the borrower. We find out what their situation is and we provide counseling and basically a complete underwriting of the delinquent loan, perhaps the way it should have been done at the point of origination. We determine what payment plan would be affordable on a sustainable basis while at the same time seeking to hit that sweet spot between borrower affordability and returning more cash flow to the investor through a modified loan than what would have been achieved otherwise through a foreclosure.”

I have to wonder if Paul A. Koches, the suck-up who copy and pasted that spoon- fed piece got a post-publication reach around for all his hard work. Drop him a line and ask him. He apparently likes golf and jazz more than writing and reporting.

Okay, having dealt with these morons personally for seven months, I can tell you first hand that no one is rolling up their sleeves and getting down to business. Unless getting down to business means shoving a splintered stick up my ass while I wait three months for a modification that I qualify for and should take 21 days (his words, his math) to be denied by some call center in India. Here's a little more on that story.

If these guys are telling the truth and really intent on helping people I'd like to know why stories like the ones in the New York Times and ABC News are coming up with comments like this:

“Bruce Marks, CEO of the Neighborhood Assistance Corporation of America, a non-profit community advocacy and homeownership organization, calls that a failure.”

"Lots of servicers are refusing to do modifications," Thomson said, including many that originally signed on to Obama's plan.

I find it hard to believe that after the shit hit the fan in November and these d-bags were bailed out and given chances to make things right, that they would continue to game the system and screw hardworking ATMs, uhm people. I meant people.