You dispute a nursing home bill for your spouse,
and get court papers for the nursing home
seeking to be appointed her guardian?
Talk about creditor abuses!
The New York Times and Hunter College looked at guardianship
cases filed in New York state, and found some outrageous
Cases filed when a bill is disputed, then withdrawn when the nursing home gets a check.
But the opponent of the nursing home petition, the loved one of the patient, is stuck with his legal fees.
Pushing the envelope in these cases may be legal, but it is egregious creditor abuse of a family in distress.
And Ocwen in the news for more abuses.
Ineptly known as a mortgage “servicer”, Ocwen has been battling government and private lawyers galore since the residential real estate bubble collapsed in 2008.
I hear from the consumers, who get unjustifiable charges added to their bills, improper crediting of payments, late fees for payments made on time, and so on and so on.
Even the client whose mortgage was sold by Ocwen.
Even though that mortgage had been PAID OFF five years earlier.
A friend in the mortgage industry tells me that Ocwen, and other mortgage companies, do not even warrant that the amounts owed on the mortgages they are selling.
Or even that anything is owed.
Yikes! again. Creditor abuse.
Well, the other end of the mortgage servicing transaction, the trusts who are supposed to get the money, the ones who pay Ocwen and other mortgage servicers, are getting screwed too.
Does that make you feel better?
From the Gantenbein law firm blog:
Also announced Friday, BlackRock, MetLife and Pimco, three of the largest mortgage bond investors will sue Ocwen for allegedly inappropriately collecting payments on $82 billion of home loans. The three companies sent notice of non-performance to Ocwen and the trustees for 119 residential mortgage-backed securities trusts stating “independent, highly qualified experts determined that Ocwen has failed to perform, in material respects, its contractual obligations as servicer and/or master servicer.” The investors outlined other serious problems including; “wholly improper loan modifications, failure to comply with applicable consumer protection laws, and failure to account for and remit accurately to the trusts cash flows from, and amounts realized on, trust-owned mortgages.”
Investors are seeking $153 million from Ocwen for not recovering the mortgage bond trusts properly and that Ocwen shouldn’t have recouped funds known as “advances” when the loans were modified.
Gee, cheating both sides.
Greed. One of the 7 deadly sins, behind most creditor abuse.