Somebody should tell BlackRock, MetLife, and PIMCO to shove it up their ass. Sorry to be so crude – but these guys knew exactly what was going happen – and it appears helped to devise the automated, patented system.
Ocwen Financial (OCN) is doubling down in its fight against a group of mortgage bond investors that accused the nonbank off ailing to properly collect payments on mortgage loans and breaching its bond covenants.
In January, a group of investors, which includes BlackRock, MetLife, and PIMCO, said that Ocwen failed to perform its contractual obligations as a servicer by failing to properly collect payments on $82 billion of home loans. In a subsequent letter, cited in a report from Compass Point Research and Trading, the investors said that Ocwen’s failures as a mortgage servicer cost bond investors approximately $26 billion.