MARCH 3, 2011, 5:09 P.M. ET
By RUTH SIMON
Ocwen Financial Corp. said it is under investigation by the Federal Trade Commission, which has asked the mortgage-servicing company for information about its employee training, debt-collection practices, loan modifications and foreclosure procedures.
The Atlanta company, one of the largest home-loan servicers in the U.S., received a formal legal request from the FTC for documents in late November, Paul Koches, executive vice president and general counsel at Ocwen, said in an interview. Ocwen is “fully cooperating” and is “not accused anywhere of any wrongdoing,” he added.
“We are taking it as informational and are providing the [requested] information,” Mr. Koches said. In a securities filing Monday, Ocwen said it had received a “civil investigative demand” from the federal agency.
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Recently i filed a complaint against a call for Summary judgemant. Ocwen has filed a default notice based on it’s demand to collect default fees at 10% of the regular scheduled paymnet. The legal limit for default fees in Ohio is 5% as written in ORC 1321.57 for open end loans under 100,000. The demand to collect the illegal fees with threats of foreclosure should be held to be extortion . and theft by misrepresenbtation. Willian Erbey ceo and John Van Vlack of Atlanta CFO were informed by certified mail of fraud at Ocwen on Oct 18 2010. According to ORC 1321.56 the intentional charging of these 10% fees is punishable by loss of interest. the interest paid for the last 12 yrs is over $65,000.
i attest that this is true and accurate
D Dianne Baginski Guernsey County Ohio.
To whomever FINALLY started paying attention…. THANK YOU!! Ocwen has made us feel just short of crazy. I’ve never dealt with anyone like this and NEVER want to again!!
Ocwen bought my loan 2 years ago and I have been fighting ever since. From false late fees, to false credit reporting, and now to more than 1,000.00 in stolen escrow money!!! They are thieves!! I’ve owned 5 homes in my life, this is the worst company I’ve ever dealt with!