Galaxies Apart…

Posted by NCBRC - September 11, 2014

Men Are From Mars, Women Are From Venus is the classic guide to understanding relationships between men and women.  A similar resource is desperately needed for consumer advocates and some federal regulators (Treasury and the NMS Monitor, specifically) because it seems we are not even working in the same galaxy!  As evidence of this cosmic disconnect, Ocwen Financial Corp. recently announced (here) that it had received top marks from the HAMP compliance team in all categories for the second quarter of 2014.  This is the same Ocwen that in December 2013 agreed to a consent order with the CFPB and authorities from 49 states who believed that “Ocwen engaged in significant and systemic conduct that occurred at every stage of the  mortgage servicing process.”  (See CFPB Press Release and Complaint, here). According to the CFPB complaint Ocwen: (1) took advantage of homeowners with servicing shortcuts and unauthorized fees; (2) deceived consumer about foreclosure alternatives and improperly denied loan modification; and (3) engaged in illegal foreclosure practices.  It would be great if Ocwen truly remedied all these deficiencies in such a short time, but that’s not the experience on the ground.  The glowing report from Treasury’s HAMP  team sadly suggests that six years after the mortgage meltdown consumer advocates and regulators are still worlds apart in even understanding how to measure compliance with Obama’s flagship program to help struggling homeowners.



One Trackback

  1. By Bankruptcy Briefs 9/12/14 | NACBA Now on September 12, 2014 at 2:12 pm

    […] Resource Desperately Needed for Consumer Advocates and some Federal Regulators […]

Post a Comment

You must be logged in to post a comment.