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Another Day, Another Class Action Against Ocwen Loan Servicing, LLC and Another $15 Mill.ion Dollars (50% of Total $30M Settlement) Goes to the Lawyers

The settlement against Ocwen is a win for the Attorneys and Ocwen. No Texas Court is providing relief to homeowners. These settlements do not reflect the dismal hopes for homeowners trying to obtain justice in Texas Courts against this heavily fined non-bank that dodges US Taxes, Hires Offshore and continuously works to provide false documents and affidavits to illegally remove US Citizens and their families from their homes.

UNITED STATES OF AMERICA v. Ocwen Loan Servicing LLC (4:12-cv-00543) District Court, E.D. Texas, 2012-2017

All these settlements and Texas Courts never find any issues against Ocwen when homeowners file complaints in 99.9% of cases.

COMPLAINT

52.

To date, the United States has paid $250,071,455.83 in incentives for OLS’s HAMP modifications, including $88,674,734.19 for OLS, the servicer.

The balance of the funds was paid to the relevant borrowers and investors. See Exhibit 9, U.S. Treasury Department Office of Financial Stability, Troubled Asset Relief Program, Transactions Report-Housing Programs for Period Ending July 27, 2012, Making Home Affordable Program at p.35, //www.treasury.gov/initiatives/financial-stability/reports/Pages/default.aspx

Under, “All Reports by Frequency,” “As Indicated,” click on TARP Housing Transaction Reports” and select report by date. (last accessed August 6, 2012).

The cap on incentives for Ocwen modifications, which is subject to periodic adjustments, is $1,827,234,254.00 in potential incentive payments by the United States.

The United States of America, by and through qui tam Plaintiff/Relator, Michael J. Fisher (“Fisher” or “Relator”), brings this action under 31 U.S.C. §§ 3729-3732 (“False Claims Act” or “FCA”) against Ocwen Loan Servicing, LLC (“OLS” or “Defendant”) to recover all damages, penalties and other remedies available under the False Claims Act on behalf of the United States and Fisher.

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Laws In Texas is a blog about the Financial Crisis and how the banks and government are colluding against the citizens and homeowners of the State of Texas and relying on a system of #FakeDocs and post-crisis legal precedents, specially created by the Court of Appeals for the Fifth Circuit to foreclose on homeowners around this great State. We are not lawyers. We do not offer legal advice. We are citizens of the State of Texas who have spent a decade in the court system in Texas and have been party to during this period to the good, the bad and the very ugly.

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