Ocwen and Altisource exploited homeowners to earn commissions by force-placing insurance at inflated prices. The insurance company in turn paid commissions to Altisource. These borrowers were already struggling to make payments due to financial difficulties. By increasing their monthly repayments, not reporting their payments on time and adding late payment charges Ocwen effectively pushed them into delinquency, so Altisource could make more money. Then they foreclosed the homes and sold them on HUBZU to earn real estate commissions, escrow and title fees, property preservation fees, closing coordination fees, Buyer's Premium, Web Tech Fees and more. Ocwen and Altisource share common ownership. They profit from others' misfortune.
Ocwen's Chairman William Erbey locates his companies abroad to evade taxes. Part of real estate commissions earned by selling foreclosed homes were routed to Ocwen subsidiaries headed by William Erbey, Ronald Faris etc. William Shepro has bought numerous properties in CT and FL with the money earned by exploiting homeowners, investors, employees and the government.
The victims have lost their homes. They have had to move. They miss their friends. Their children miss their old schools. Their credit history has been damaged. Life is not the same for them anymore.
Just a few days ago an Altisource vendor tried to lock my friend in her house.
To what extent will you participate in their criminal endeavors?
Act now! Contact whistleblower@cfpb.gov and help protect the vulnerable and assist the victims.
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