Consumer complaint received 2016-09-22
Company: Ocwen Financial Corporation
State: MD
Product: Debt collection
Sub-product: Mortgage
Issue: Improper contact or sharing of info
Sub-issue: Talked to a third party about my debt

Complaint:
Document fraud from indecomme, under the control debt collector XXXX ( XXXX, XXXX XXXX, XXXX XXXX, XXXX, XXXX, XXXX, XXXX XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX, XXXX XXXX, XXXX, XXXX XXXX, XXXX, XXXX XXXX, XXXX, XXXX, XXXX, XXXX, XXXX XXXX, OCWEN LOAN SERVICING, XXXX under the control & ocwen ARE indicative of similar behavior of XXXX.assignment as evidence of debt collector XXXX, ocwen FALSE ascribe statements haresign, XXXX and representations, assignment fraud, misrepresentations.communication tactics assignments as evidence of fraud.MORTGAGE ASSIGNMENTS AS EVIDENCE OF FRAUD XXXXThis article was originally published in XXXX XXXX 's previous publication, XXXX XXXX, ' and is republished here as a resource for those interested in foreclosures and document fraud. XXXX XXXX, XXXXIn the past ten years, hundreds of thousands of residential mortgages were bundled together ( often in groups of about XXXX mortgages ), and investors were offered the opportunity to buy shares of each bundle. This process is called securitization. Each such bundle of residential mortgages was given a name, such as " XXXX XXXX XXXX XXXX XXXX XXXX. '' The name indicates information about the particular trust such as the year it was created ( XX/XX/XXXX ) and its contents ( with OPT indicating that the loans in that particular trust were originally made by Option One Mortgage ) .Each such bundle/trust has a Cut Off Date identified in the trust documents ( specifically, in the Pooling and Servicing Agreement ). The Cut Off Date is the date on which all mortgage loans in the trust must be identified. In short, a final list of all of the mortgages in the bundle is set out. Each trust also has a Closing Date which is the date that the individual mortgages are transferred to the Trust Custodian, who must certify that for each mortgage, the custodian has a mortgage note endorsed in blank and proof that the ownership of the note has been transferred. This proof is most often an Assignment of Mortgage. Most trusts included the following or equivalent language regarding the Assignments : " Assignments of the Mortgage Loans to the Trustee ( or its nominee ) will not be recorded in any jurisdiction, but will be delivered to the Trustee in recordable form, so that they can be recorded in the event recordation is necessary in connection with the servicing of a Mortgage Loan. " Title insurance companies issued policies guaranteeing that the trust had clear title to the mortgages.When widespread defaults occurred, Trustees discovered that the laws regarding Mortgage Assignments varied significantly from state to state. Many issues regarding such Assignments were simply unresolved. One of the most significant issues was whether Mortgage Assignments could be back-dated or have retroactive effective dates. This issue arose because Trustees and their lawyers discovered in the foreclosure process that the Assignments could not actually be located, or that certain states did not allow blank Assignments.To solve the problem of the missing Assignments, new Assignments were made and recorded. Because the question of retroactive Assignments had not been resolved, most of these Assignments did not set forth the actual date that the Assignment took place. The Assignments were signed and notarized as if the transfer took place many years after the actual transfer date.The Assignments were prepared by specially selected law firms and companies that specialized in providing " mortgage default services '' to banks and mortgage companies. In jurisdictions with a high rate of mortgage defaults, over XXXX % of the filed Mortgage Assignments in the last three years were prepared and filed by the same XXXX or XXXX law firms.ATG

Company response to consumer: Closed with explanation