WHAT: NACA and Homeowners attend court hearing on Ocwen’s acquisition of Residential Capital, LLC’s (“ResCap”).

WHY: OCWEN the 5^e largest servicer uses taxpayer dollars to fund underwriting and servicing jobs in India that should be done by Americans. 

WHEN: Monday November 19, 2012 @ 10 A.M. WHERE: Bankruptcy Court, One Bowling Green, New York City, N.Y

WHERE: Bankruptcy Court, One Bowling Green, New York City, N.Y.

(Boston, Massachusetts) NACA and many homeowners will pack a New York City courtroom to testify and bring attention to the use of taxpayer monies in funding jobs overseas.  Ocwen is one of the largest servicers in America that is funded by American taxpayers to make foreclosure decisions on American homeowners at risk of foreclosure.  The servicing and underwriting decisions are not made by Americans familiar with the plight of American homeowners at-risk of losing their homes but by people located in India.  

Ocwen is now positioned to become the 5^e largest servicer of home loans in the United States by purchasing mortgages and servicing for others.  While having its executive headquarters in West Palm Beach, Florida it uses India as its primary operations.  Ocwen won its bid to buy ResCap’s and mortgage giant GMAC’s mortgage servicing and origination platform, owned by taxpayers after they received a series of taxpayer bailouts.   

Ocwen’s business model is to use taxpayer funds to hire low-paid workers in India to determine whether to modify or foreclose on American homeowners.  American homeowners say they’re frustrated when they call Ocwen for assistance.  Bruce Marks, Founder & CEO of NACA, the nations’ largest non-profit and community advocacy organization blasted Ocwen’s business model.  “On the heels of a national election where the outsourcing of jobs by American companies was criticized by both parties for keeping the unemployment rate high, here we have a corporation who wants to buy taxpayer owned mortgages and use taxpayer funds to create jobs overseas” said Marks.   

“This is about greed,” said Marks, “It is an outrage that taxpayer funds for the government’s modification program known as HAMP, are allowed to be used to hire low wage workers in India when there are so many out of work Americans who are better qualified to do this work.  No overseas worker can understand and decision a loan for an American who is about to lose their home and much more.” 

NACA is requesting that the federal government stop payments to any company which services or underwrites mortgages for American homeowners overseas and receives taxpayer funds.  In addition, Wilbur Ross, the multi-billion dollar investor, will become a major stockholder in Ocwen and Warren Buffet, who is also posed to purchase some of the underlying assets, both need to act to stop this abuse. 

À propos de NACA (NACA.com)

NACA is the largest HUD certified counseling agency. It provides about 30% of the counseling in the country. It has more than 2 million members.  NACA provides free housing assistance to those at risk of foreclosure by restructuring mortgages to an affordable payment and by originating low interest home loans to mainly first time home buyers. NACA has been highlighted in the national news and its CEO Bruce Marks was named Bostonian of the Year for 2007 because of his work in getting the major lenders and servicers to modify home loans for borrowers who come through NACA.  See Bostonienne de l'année.  He has also testified in congress on numerous occasions including on September 12, 2000, being one of the only people to sound the alarm of the pending mortgage crisis.  For more information go to www.naca.com