Mortgage servicer Ocwen will pay big-time; Whatcom borrowers may be affected

Posted by JOHN STARK on December 20, 2013 

Washington Attorney General Bob Ferguson and the Washington Department of Financial Institutions have announced details of a big nationwide settlement with Ocwen Loan Servicing--the latest legal fallout from the mortgage financing mess that blew a hole in the global economy.

DFI's press release has a lot of details about Ocwen's problems and how mortgage borrowers may be helped by the settlement.

Taking a quick glance at the Whatcom County Auditor's searchable online property records--one of the best things on the entire Internet--I noticed that on 23 occasions going back to 2008, Ocwen filed affidavits to attest that the financial interest in a mortgage loan--the deed of trust--had been transferred to Ocwen, but the original paperwork documenting that transfer had never been filed with the county, and had been lost.

This is just one small example of the kind of stuff that frustrates mortgage borrowers when they get behind on payments and can't figure out who to call.




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