Ocwen lost the first round.
1.) The Judge Signed the Motion to Recuse himself from the case and it has been assigned to another judge.
2.) The Motion to Dismiss was set for hearing, and after Ocwen reviewed the Motion to Dismiss HAS SUBMITTED AN AMENDED CLAIM FOR RELIEF.
3.) This claim sight a IPA agreement that Ocwen also breached. A Motion to Dismiss has also been filed for this.
4.) Today a Motion an Order to Enforce Written Interrogatory was submitted to Ocwen to answer questions submitted almost two months ago.
5.) A letter of opposistion to the Court granting a Protective Order (Ocwen will file this so they don't have to answer questions) was also submitted.
Confirmation of the ongoing SEC, Congressional and US Department of Labor has also been confirmed anbd provided to Ocwen.
I have seen a response to the last update I posted that claims that people should simply pay their mortgage on time and the fault is thiers for not keeping their commitments.
I invite this person and current Ocwen employees to log onto PACER, or even easier since PACER is a paid service go to http://www.pbcountyclerk.com / and search the public records on the shear # of suits Ocwen is involved in.
In South Florida the # is over 500, just in Palm Beach County. If you take a little time and do just a little homework, on a nationwide basis Ocwen is currently involved in OVER 26,000 lawsuits.
Ocwen services about 390,000 loans, almost 10% of their customers are suing them or Ocwen is attempting to foreclose on. Now lets do some math...
Just look at foreclosures
20,000 foreclosures X 140,000 (average home value foreclosed on) = $2,800, 000,000
Legal fees from Ocwen $80,000, 000 annually.
Resale of foreclosed homes net profit of $31,000 per home (average).
20,000 x $30,000 = $600,000, 000 - legal fees $80,000, 000 = $520,000, 000 profit.
All of you can clearly see why Ocwen does what it does, their profit margin is huge.
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