Category Archives: Miscellany

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Ocwen: The Servicing Industry’s Corporate Piñata

Posted on by Phil Querin

Ocwen, the servicing industry’s version of a corporate piñata, is, once again, stealing the wrong kind of headlines.  In a November 8, 2014 article [“Firm Accused Of Illegal Practices That Push Families Into Foreclosure”] appearing on npr.org, here, the servicing behemoth is accused of – gasp! – gouging borrowers. No! Not Ocwen! How can that […]

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Posted in Financial Crisis, Foreclosure, Miscellany, Q-Rants, Servicers | Tagged ,

Banks Being Banks: HSBC Slapdown

Posted on by Phil Querin

In a recent November 25, 2014 Wall Street Journal online article by Katie Martin here, we learn, once again, that international banking behemoth HSBC has been caught with its hand in the cookie jar.  This time, the scandal relates to the leaking of confidential client information to a hedge fund. Confirming that the bank’s top […]

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Posted in Miscellany, Q-Rants | Tagged

Ocwen’s Heartfelt Apology – Ummm, Right!

Posted on by Phil Querin

According to a recent article in housingwire.com, titled “Ocwen posts open letter and apology to borrowers,” the widely reviled Ocwen, apparently (sob) guilt-ridden because it, once again, was caught doing what it does best –  taking advantage of the little guy.

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Posted in Miscellany, Q-Rants, Real Estate/Distressed, Residential Housiing, Servicers | Tagged , ,

Altisource And Its New “Disruptive Enterprise Software”

Posted on by Phil Querin

In a recent article appearing at the online site “nationalmortgagenews.com” there appeared a short blurb titled “Altisource Opens Technology Office in India.” For those who have never heard of Altisource, they are one of the few major members on the Pantheon of Scoundrels, or POS, for short.  On their website, they proudly boast: Altisource provides services […]

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Posted in Financial Crisis, Foreclosure, Market Conditions, Miscellany, Q-Rants, Real Estate/Distressed, Servicers | Tagged , , , , ,

SunTrustMortgage – In Trouble With The Feds!

Posted on by Phil Querin

“SunTrust had no effective document management system in place to process and retain the borrowers’ applications and supporting documentation. When the HAMP applications poured in, SunTrust put them in stacks on the floor without organization. At one point, the stacks of opened and unprocessed HAMP applications were so voluminous that their weight buckled the floor.” […]

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Posted in Federal Regulation, Financial Crisis, Legislation - Federal, Loan Modifications, Miscellany, Q-Rants | Tagged , , ,

Q-Rant! Barney Defends Frankendodd!

Posted on by Phil Querin

Former Congressman Barney Frank testified before the House of Representatives Committee on Financial Services on Wednesday, arguing that the Dodd-Frank Wall Street Reform and Consumer Protection Act and the voluminous set of regulations that followed shortly thereafter was a positive for the economy and safeguarded the American public from ever having to face an economic down turn […]

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Posted in CFPB, Dodd-Frank, Federal Reserve, Financial Crisis, Legislation - Federal, Miscellany, Q-Rants | Tagged , , ,

Ocwen, ‘Sticks & Stones’…And Gag Rules?

Posted on by Phil Querin

Nature seems to have given the biggest, meanest beasts pretty thick skins. Presumably, this is so they can savage their victims without being hurt themselves. Of course, these beasts were also endowed with a brain the size of a walnut, which didn’t help their dispositions. Between their thick skin and slow synapses, these monsters usually […]

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Posted in Miscellany, Q-Rants, Servicers | Tagged

CFPB Slapped Down For Accounting Deficiencies

Posted on by Phil Querin

How embarrassing! After galloping into town with six shooters blazing, the new sheriff, err, correction, the CFPB, or as they like to refer to themselves – in J. Edgar terms – “the Bureau,” just got ignominiously shot down. It seems that the uber-regulator charged with single-handedly protecting American consumers from themselves, has a little housekeeping […]

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Posted in CFPB, Dodd-Frank, Federal Regulation, Miscellany

What’s In A Name? Just Ask Black Knight!

Posted on by Phil Querin

“Black Knight” –  The black knight is a literary stock character, often contrasted with the knight-errant; also see white knight.  The character famously appeared in Arthurian literature and has been adapted and adopted by various authors, in cinema and popular culture. The character is sometimes associated with death. Wikipedia  [Underscore mine. ~PCQ] “Sometime associated with death”?!  What self-respecting company […]

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Posted in Miscellany

Ratings Agencies: Still Shilling for Shillings

Posted on by Phil Querin

The April 19, 2014 Economist reports [Credit where credit’s due] that the ratings agencies are making a financial comeback after their near-death experience following the financial crisis, circa 2007-2009.  For those readers who believed that Moody’s, S&P, and to a lesser degree, Fitch, were pure as the wind-driven snow, let me correct the record: During […]

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Posted in Miscellany, Q-Rants, Ratings Agencies, Subprime Crisis | Tagged ,
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