Certificateholders Issue Notice Of Non-Performance Identifying Alleged Failures By Ocwen Financial Corporation As Servicer Or Master Servicer To Perform Covenants And Servicing Agreements In 119 Residential Mortgage Backed Securities Trusts

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Certificateholders Issue Notice Of Non-Performance Identifying Alleged Failures By Ocwen Financial Corporation As Servicer Or Master Servicer To Perform Covenants And Servicing Agreements In 119 Residential Mortgage Backed Securities Trusts

Certificateholders Issue Notice Of Non-Performance Identifying Alleged Failures By Ocwen Financial Corporation As Servicer Or Master Servicer To Perform Covenants And Servicing Agreements In 119 Residential Mortgage Backed Securities Trusts

HOUSTON, Jan. 23, 2015 /PRNewswire/ — Today, the Holders of 25% Voting Rights in 119 Residential Mortgage Backed Securities Trusts (RMBS) with an original balance of more than $82 billion issued a Notice of Non-Performance (Notice) to BNY Mellon, Citibank, Deutsche Bank, HSBC, US Bank, and Wells Fargo, as Trustees, Securities Administrators, and/or Master Servicers, regarding the material failures of Ocwen Financial Corporation (Ocwen) as Servicer and/or Master Servicer, to comply with its covenants and agreements under governing Pooling and Servicing Agreements (PSAs).

Based on a lengthy investigation and analysis by independent, highly qualified experts, the Holders’ Notice alleges Ocwen has failed to perform, in material respects, its contractual obligations as Servicer and/or Master Servicer under the applicable PSAs in the following ways:

  • Use of Trust funds to “pay” Ocwen’s required “borrower relief” obligations under a regulatory settlement, through implementation of modifications on Trust-owned mortgages that have shifted the costs of the settlement to the Trusts and enriched Ocwen unjustly;
  • Employing conflicted servicing practices that enriched Ocwen’s corporate affiliates, including Altisource and Home Loan Servicing Solutions, to the detriment of the Trusts, investors, and borrowers;
  • Engaging in imprudent and wholly improper loan modification, advancing, and advance recovery practices;
  • Failure to maintain adequate records,  communicate effectively with borrowers, or comply with applicable laws, including consumer protection and foreclosure laws; and,
  • Failure to account for and remit accurately to the Trusts cash flows from, and amounts realized on, Trust-owned mortgages.

As a result of the imprudent and improper servicing practices alleged in the Notice, the Holders further allege that their experts’ analyses demonstrate that Trusts serviced by Ocwen have performed materially worse than Trusts serviced by other servicers.  The Holders further allege that these claimed defaults and deficiencies in Ocwen’s performance have materially affected the rights of the Holders and constitute an ongoing Event of Default under the applicable PSAs.  The Holders intend to take further action to recover these losses and protect the Trusts’ assets and mortgages.

The Notice was issued on behalf of Holders in the following Ocwen-serviced RMBS:

ABFC 2004-OPT4 DBALT 2007-RMP1 MALT 2006-2 RASC 2006-EMX3
ABFC 2005-WMC1 FFML 2004-FF3 MSAC 2003-SD1 RASC 2006-EMX4
ABFC 2006-HE1 FFML 2005-FF1 MSAC 2004-HE4 RASC 2006-EMX6
ABSHE 2003-HE5 FHLT 2006-A MSAC 2006-HE1 RASC 2006-KS5
ABSHE 2004-HE3 GSAA 2006-16 MSAC 2006-HE2 RASC 2006-KS6
ACE 2002-HE1 GSAA 2007-10 MSAC 2007-HE4 RASC 2006-KS8
ACE 2004-FM2 GSAA 2007-8 MSAC 2007-HE5 RASC 2007-KS1
ACE 2004-OP1 GSAMP 2003-NC1 MSHEL 2007-2 RASC 2007-KS3
ACE 2005-SD3 GSAMP 2004-OPT MSM 2006-8AR RAST 2005-A10
ACE 2006-SD2 GSAMP 2005-WMC1 MSM 2006-9AR RAST 2005-A13
ACE 2006-SD3 GSAMP 2006-HE6 NHEL 2006-6 RAST 2005-A16
AHMA 2005-1 GSAMP 2007-H1 RAAC 2005-SP2 RAST 2006-A15
AHMA 2006-4 GSAMP 2007-HS1 RAAC 2007-SP1 RAST 2006-A16
AHMA 2007-4 GSR 2005-AR7 RAAC 2007-SP3 RAST 2006-A2
ARMT 2005-10 GSR 2006-10F RALI 2004-QS1 RFMSI 2006-S2
BAFC 2007-3 GSR 2006-4F RALI 2005-QA13 RFMSI 2006-SA1
BALTA 2005-4 GSR 2007-2F RALI 2005-QS1 RFMSI 2007-SA4
BSABS 2006-AC1 HVMLT 2003-1 RALI 2005-QS11 SABR 2006-FR1
CBASS 2001-CB4 HVMLT 2005-16 RALI 2006-QA7 SABR 2006-FR2
CBASS 2004-CB3 HVMLT 2005-4 RALI 2007-QA2 SABR 2006-FR3
CBASS 2004-CB4 HVMLT 2005-7 RAMP 2005-RS7 SABR 2006-FR4
CBASS 2004-CB7 HVMLT 2006-3 RAMP 2006-RS2 SASC 2004-13
CBASS 2005-CB1 HVMLT 2006-SB1 RAMP 2006-RS6 SASC 2006-GEL3
CBASS 2006-CB5 MABS 2003-OPT2 RAMP 2006-RZ2 SASC 2007-TC1
CBASS 2006-CB9 MABS 2004-OPT1 RAMP 2007-RS1 SVHE 2005-3
CBASS 2007-CB3 MABS 2005-FRE1 RASC 2001-KS1 SVHE 2006-NLC1
CMLTI 2007-SHL1 MABS 2006-AM1 RASC 2004-KS12 TBW 2006-1
DBALT 2005-1 MABS 2006-AM3 RASC 2005-AHL1 TBW 2006-3
DBALT 2005-AR2 MABS 2006-FRE2 RASC 2005-AHL3 TMST 2007-3
DBALT 2006-AR1 MALT 2006-1 RASC 2005-EMX3

ABOUT GIBBS & BRUNS LLP
Gibbs & Bruns LLP is a premier boutique law firm engaging in high-stakes business and commercial litigation.  The firm is renowned for its signature lean trial teams and representation of both plaintiffs and defendants in complex matters, including significant securities and institutional investor litigation, director and officer liability, contract disputes, fraud and fiduciary claims, energy litigation, construction litigation, trust and estate litigation, antitrust litigation, legal and professional malpractice, and partnership disputes.  For more information, visit www.gibbsbruns.com.

 

SOURCE Gibbs & Bruns, LLP

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One Response to “Certificateholders Issue Notice Of Non-Performance Identifying Alleged Failures By Ocwen Financial Corporation As Servicer Or Master Servicer To Perform Covenants And Servicing Agreements In 119 Residential Mortgage Backed Securities Trusts”

  1. Bruce R Nelson says:

    My deceased sons home, inherited by me was stolen by AHMSI,and its deceitful attorneys, Option One and several others in this horrendous conspiracy to disgorge assets and money out of both the poor and mid class of the USA. Yo boot me in the arse a lady Federal Court Judge wittingly or not, entered the conspiracy the damage me forever by not permuting me, pro se, to fight for my rights. She blinded me by dismissal with prejudice. Net result I lost anything and every thing I had, exclusively because of her support of entities who refused to produce any proof of standing as required by TILA. I am an old man, 76, USAF Vet with disabilities. Not a prayer to recover in whats left of my life{-(

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