Items Tagged with 'PIMCO'


Ocwen cleared of wrongdoing in multibillion dollar mortgage bond fight

Faced allegations of negligence from bond investors, including BlackRock, Pimco
Early in 2015, a group of mortgage bond investors that reportedly included BlackRock, MetLife, and Pimco accused Ocwen Financial of violating its duties as a mortgage servicer by failing to properly collect payments on $82 billion of home loans, thereby costing the investors $26 billion. Now, after a yearlong independent investigation found no evidence of the litany of allegations made by the investors, Ocwen is off the hook.
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Citigroup sued over billions in mortgage debt losses

PIMCO, other investors file lawsuit
Top banks are still dealing with the aftermath of the financial crisis. In the most recent court battle, Pacific Investment Management Co and other investors have sued Citigroup over the bank's alleged failure to properly monitor toxic securities backed by more than $13.8 billion in mortgage loans.
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HSBC facing $34 billion mortgage debt lawsuit

BlackRock, PIMCO, others proceed as plaintiffs
According to the Reuters, the judge dismissed some claims, including for negligence and negligent misrepresentation. She also gave the plaintiffs 30 days to amend their complaints, and scheduled a June 24 conference. Looks like this is going to happen.
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Ocwen fires back at “disingenuous” charges of negligence

Accuses mortgage bond investors of being "pro-foreclosure"
Ocwen Financial is doubling down in its fight against a group of mortgage bond investors that accused the nonbank of failing to properly collect payments on mortgage loans and breaching its bond covenants, charging the investors, which include BlackRock, MetLife, and PIMCO, of having a “pro-foreclosure, anti-modification” agenda.
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BlackRock discloses ownership stake in Altisource

Mortgage bond investor also reportedly threatening to sue Ocwen
A Monday filing with the Securities and Exchange Commission shows that BlackRock is more than an interested party in the mortgage-backed securities whose loans are serviced by Ocwen and its affiliates. BlackRock also owns a substantial stake in Altisource Residential.
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Ocwen: Mortgage bond investors mislead public, push foreclosures

Fires back at “baseless, groundless” charges of mortgage payment negligence
Ocwen fired back at claims of mortgage payment negligence, saying that the mortgage bond investors that accused it of failing in its duties as servicer have ulterior motives. “Your letter obscures the ultimate objective of your investor clients: to stop servicers from modifying loans and force them to foreclose on and evict as many struggling homeowners as quickly as possible,” Ocwen said in response.
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Ocwen sued by investors for mortgage payment negligence

Preparing to sue embattled nonbank
Some of the country’s biggest mortgage bond investors, reportedly including BlackRock, MetLife, and Pimco, are preparing to sue Ocwen, saying that the beleaguered nonbank failed to properly collect payments on $82 billion of home loans.
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