News

$2.1 Billion Mortgage Settlement with Ocwen Loan Servicing

Published

10 years ago

December 23, 2013

Attorney General Kamala D. Harris has announced a $2.1 billion multistate and federal settlement with Ocwen Financial Corporation and Ocwen Loan Servicing, LLC (Ocwen) over alleged mortgage servicing misconduct.

The settlement makes California homeowners eligible to receive up to $268 million in first lien principal reductions and nearly $23 million in cash payments to borrowers.

“This settlement will help homeowners who’ve been misled while trying to modify their Ocwen mortgages,” said Harris, “But our work isn’t done. Too many California families are still coping with uncooperative banks and mortgage service providers. My office will continue to fight on their behalf.”

The settlement resolves allegations that Ocwen engaged in robo-signing, “dual tracking” of borrowers seeking loan modifications, and other misconduct in the course of its mortgage servicing activities. The settlement also resolves similar allegations against Homeward Residential, Inc. and Litton Loan Servicing, LP, which Ocwen acquired.

Ocwen holds nearly 390,000 loans in California, of which 12% are underwater. Ocwen holds approximately 6% of all California underwater loans.

The national settlement requires Ocwen to pay $125 million to borrowers whose homes were foreclosed between 2009 and 2012 and commit to $2 billion in first lien principal reduction loan modifications over the next three years. The Consumer Financial Protection Bureau was the lead agency for the negotiations. The settlement was signed by 49 states and the District of Columbia, including California.

Joe Smith, who served as the Monitor for last year’s National Mortgage Settlement, will monitor the settlement nationally and Katie Porter, who heads the California Monitor’s office, will monitor the settlement in California.

The Ocwen settlement does not grant immunity from criminal offenses and would not affect criminal prosecutions. The agreement does not prevent homeowners or investors from pursuing individual, institutional or class action civil cases. The agreement also preserves the authority of state attorneys general and federal agencies to investigate and pursue other aspects of the mortgage crisis, including securities cases.

In some cases, Ocwen will contact borrowers directly regarding principal reductions. However, borrowers should contact Ocwen to obtain more information about principal reductions and whether they qualify under terms of this settlement. A settlement administrator will contact qualified borrowers associated with foreclosed loans regarding cash payments.

For more information about the settlement, CA Ocwen borrowers can call 1-800-337-6695 and email ConsumerRelief@Ocwen.com. The California Department of Justice also have more information at oag.ca.gov.

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Oakland Post: Week of April 17 – 23, 2024

The printed Weekly Edition of the Oakland Post: Week of April 17 – 23, 2024

Published

6 days ago

April 19, 2024

Oakland Post

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California Black Media

Yahushua’s Law: Senate Advances Bill to Protect Students from Extreme Weather

In a significant move towards student safety, the California Senate Education Committee passed Senate Bill (SB) 1248, also known as Yahushua’s Law, on April 3. The bill is named in memory of Yahushua Robinson, a 12-year-old student from Lake Elsinore, who tragically died due to a heat-related illness during a physical education class in 2023. It is a pioneering effort to prevent similar incidents in the future.

Published

6 days ago

April 18, 2024

Oakland Post

Yahushua Nyerere Robinson (Courtesy Photo)

By California Black Media

In a significant move towards student safety, the California Senate Education Committee passed Senate Bill (SB) 1248, also known as Yahushua’s Law, on April 3.

The bill is named in memory of Yahushua Robinson, a 12-year-old student from Lake Elsinore, who tragically died due to a heat-related illness during a physical education class in 2023. It is a pioneering effort to prevent similar incidents in the future.

Authored by Senator Melissa Hurtado (D-Bakersfield) and co-authored by Assemblymember Akilah Weber, M.D. (D-La Mesa), SB 1248 directs the California Department of Education to develop comprehensive guidelines for schools regarding student activity during all extreme weather conditions.

“No student should ever lose their life on campus to extreme weather when we can take steps to protect them by preparing statewide plans to minimize exposure to the most harmful elements of exposure,” Hurtado said after introducing SB 1248.

The bill stipulates that schools must implement safety measures which include monitoring weather forecasts, postponing or relocating outdoor activities during hazardous conditions, and ensuring students have proper hydration and access to shade. It also requires schools to establish clear communication plans to keep parents, teachers, and students informed about potential weather hazards.

Supporters of the bill include the Robinson family, advocate Christina Laster, Bold Enterprises LLC, California Black Women’s Collective Empowerment Institute, Familias Empoderadas del Valle Central National Action Network, The Black Student Advocate, and the Ventura County Alumnae Chapter of Delta Sigma Theta Sorority.

Thanking Hurtado for introducing this crucial legislation, Weber said, “The story of Yahushua Robinson last year was heartbreaking. We have protections for farm workers and other industries in the case of extreme weather, now climate change is forcing us to also extend similar protections to students at school.”

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Barbara Lee

Congresswoman Barbara Lee Issues Statement on Deaths of Humanitarian Aid Volunteers in Gaza 

On April 2, a day after an Israeli airstrike erroneously killed seven employees of World Central Kitchen (WCK), a humanitarian organization delivering aid in the Gaza Strip, a statement was release by Rep. Barbara Lee (D-CA-12). “This is a devastating and avoidable tragedy. My prayers go to the families and loved ones of the selfless members of the World Central Kitchen team whose lives were lost,” said Lee.

Published

1 week ago

April 17, 2024

Oakland Post

Congresswoman Barbara Lee

By California Black Media

“This is a devastating and avoidable tragedy. My prayers go to the families and loved ones of the selfless members of the World Central Kitchen team whose lives were lost,” said Lee.

The same day, it was confirmed by the organization that the humanitarian aid volunteers were killed in a strike carried out by Israel Defense Forces (IDF). Prior to the incident, members of the team had been travelling in two armored vehicles marked with the WCF logo and they had been coordinating their movements with the IDF. The group had successfully delivered 10 tons of humanitarian food in a deconflicted zone when its convoy was struck.

“This is not only an attack against WCK. This is an attack on humanitarian organizations showing up in the direst situations where food is being used as a weapon of war. This is unforgivable,” said Erin Gore, chief executive officer of World Central Kitchen.

The seven victims included a U.S. citizen as well as others from Australia, Poland, the United Kingdom, Canada, and Palestine.

Lee has been a vocal advocate for a ceasefire in Gaza and has supported actions by President Joe Biden to airdrop humanitarian aid in the area.

“Far too many civilians have lost their lives as a result of Benjamin Netanyahu’s reprehensible military offensive. The U.S. must join with our allies and demand an immediate, permanent ceasefire – it’s long overdue,” Lee said.