(Updated) Sunday blog: Talking election, Manti Te’o, downtown development…

first_img4. True loveHere is the official Cueball definition of love. If you have a significant other who is spoon feeding you and cleaning up your messes because you’re old as hell and don’t know any better, then you have found your true love in life. Commentary by Tracy McCue, Sumner Newscow — Five Cueball thoughts, plus one,  for Jan. 20, 2013… 1. Election filing ends TuesdayI have no interest in giving lectures. I couldn’t care less if you vote, run for office, eat your vegetables, donate your time to community service or attend high school sporting events. You are an American and you are entitled to your life.So I’m going to make this a “suggestion.” Run for office.If you don’t like where you live and think things aren’t what they should be, do something about it. Run for office. Make a difference in the world.The filing deadline is this Tuesday at noon. If you are running for school board, file at the Sumner County Clerk’s office at the courthouse. If you are running for city council, file at the city clerk’s office of your jurisdiction.Remember, you can’t file tomorrow. The offices are closed for Martin Luther’s King Day. A list of filings can be found here.2. Signage….This came through the comments section for a Sunday Blog I wrote concerning the closing of “The Rock” restaurant a couple weeks ago. Since the story is older, not many people will see this comment, so I’m going to republish it here because it is so good…By Marsha EscandonMy husband and I were very sorry to see The Rock close, but to be honest, we were not surprised. The reason is exactly what Cue stated and that is advertising. We too kept waiting for signs to go up and none appeared. We moved to Wellington a little over 2 years ago and love it. However, one thing that has been troublesome for us has been the almost complete lack of signage. Businesses lack signs. Parks lack signs. Apartment complexes, churches, trailer parks, schools, etc. frequently have either no signs or inadequate ones. Living here has been a voyage of discovery. There is a feeling that “well, everyone knows where it is.” Well, everyone doesn’t. We encourage the City of Wellington and business owners alike to address this issue.3. Manti Te’o controversy….This week’s “media have-a-cow controversy,” concerns Notre Dame linebacker Manti Te’o, who plays a mean game of football but obviously has trouble with women – especially the imaginary kind. I particularly like this controversy because it includes two subjects I know a lot about: journalism and being unlucky in love in my youth.I fluctuate between those who think Te’o is a complete liar and those who think he got duped.My first inclination was he was duped. Why? Because when it comes to “love,” especially to testosterone young men there are no depths to stupidity.Love is cool. And if you aren’t getting love or finding love, then there is always a love story you can tell your friends.And with this Internet thing, it gives love a whole new dimension.Had there been Internet when I was 21, I could see myself getting caught up in a long-distance relationship. I could also see myself getting duped. And I could see myself trying to cover it all up like Te’o obviously did.But here is where I differ from Mr. Te’o. I was a dork! He’s an All-America linebacker. He could have had his pick of any cheerleader on Notre Dame’s campus!And that is why I think Mr. Te’o may either be a huge con artist, a complete moron, or a psychopath. And if I was an NFL owner, he would be one player I would steer away from. 6. Shout out of the weekThis week’s shout out of the week goes to the South Haven girls, who won the SCBL tournament as a fifth seed, over Argonia.Although Sumner Newscow loves Argonia and what Dixie Brewster has achieved there, we tip our hat this week to first-year head coach Eric Adams, who has made a nice transition from Wellington eighth grade basketball coach to high school Cardinal coach. The Cardinals broke a five-year Red Raider tournament championship streak. I have a feeling Argonia-South Haven is going to become quite a rivalry. 5. An idea to revive downtown.My family took a trip to Mexico this Christmas and we discovered a promotional tool that just might work for Wellington retailers.When we were walking the tour strips, Mexican retailers would greet us at the door with an interesting proposal. If we came into their store, they would give us free tequila shots.So how about it downtown owners? I can run a great ad blog for you. “Come down to Barbara Jons or the Gold Corner or Federal Tire or wherever and we’ll do tequila shots. Our treat!”Just thinking outside the box here.last_img read more

Ocwen Cleared of RMBS Investors Allegations

first_img in Daily Dose, Headlines, News May 25, 2016 465 Views Lawsuits Ocwen Financial Resdidential Mortgage-Backed Securities 2016-05-25 Seth Welborn Ocwen Cleared of RMBS Investors’ Allegationscenter_img Share A year-long analysis of Ocwen Financial Corp.’s operations conducted by independent third-party global financial advisory firm Duff & Phelps concluded that accusations from investors that Ocwen (as Master Servicer) failed to collect on $82 billion worth of RMBS Trusts were “baseless,” according to an announcement from Ocwen on Wednesday.Duff & Phelps conducted a review of two items: Gibbs & Bruns’ Notice of Nonperformance filed on January 23, 2015, on behalf of institutional investors, and Ocwen’s consent orders with both the Consumer Financial Protection Bureau and the New York Department of Financial Services.The year-long analysis of Ocwen’s servicing operations, accounting, loan modifications, borrower compliance, and operations and governing practices involved examining thousands of servicing files, data points, and invoices, and a comprehensive review of Ocwen’s systems and records, according to Ocwen.“We are pleased with the results of Duff & Phelps’ year-long independent review. We continue to focus on servicing loans in the best interest of loan investors and on being a leader in helping homeowners,” said Ron Faris, President and CEO of Ocwen.According to Ocwen, the Dunn & Phelps investigation:Did not find any evidence that Ocwen failed to account for P&I payments to the Master Serviced trusts.Did not find any evidence that Ocwen charged the Master Serviced Trusts for any undisclosed or ‘mysterious’ expenses.Did not find evidence that Ocwen made negative NPV modifications in order to maximize servicing fees and prematurely recoup advances.Did not find evidence that Ocwen engaged in modifications in order to prematurely recover advances at the time of modification.Did not find evidence to conclude generally that Ocwen made extreme and imprudent modifications.Found that Ocwen applied the Stop Advance Tag on loans consistently with Ocwen’s Stop Advance model and not with regard to whether or not the loan had been modified or whether the borrower defaulted immediately after modification.Did not find evidence that Ocwen failed to comply with the SCRA requirements for borrowers on active military duty.Did not find evidence sufficient to conclude generally that Ocwen engaged in deceptive, misleading, or inadequate practices with regard to newly boarded loans.Did not find evidence sufficient to conclude generally that Ocwen improperly imposed lender-placed insurance.Did not find evidence to conclude generally that the Master Serviced Trusts were charged higher fees in connection with sales of REO properties involving Hubzu auctions or REALHome brokers as opposed to traditional sales and/or unrelated brokers.On January 23, 2015, shareholders with 25 percent of the voting rights in 119 residential mortgage-backed securities trusts with an original balance of $82 billion filed a formal Notice of Nonperformance against BNY Mellon, Citibank, Deutsche Bank, HSBC, US Bank, and Wells Fargo, as Trustees, accusing Ocwen of failing to properly collect payments on the trusts. The investors claimed losses of more than $1 billion as a result.In a public release, law firm Gibbs & Bruns LLP said a “lengthy investigation and analysis by independent, highly qualified experts” turned up multiple instances of Ocwen’s failure to perform, including use of trust funds to pay borrower relief obligations through modifications on trust-owned mortgages; conflicts of interest with affiliate companies; failure to maintain adequate records and communications with borrowers; and “[e]ngaging in imprudent and wholly improper loan modification, advancing, and advance recovery practices;” among others.Ocwen fired back a few days later, accusing the investors of pushing borrowers into foreclosure; Ocwen attorney Richard A. Jacobsen said that the Gibbs & Bruns letter was “drafted in an inflammatory tone, with misleading content, and coordinated with media release so as to create wildy false impressions.”In December 2013, the Consumer Financial Protection Bureau ordered Ocwen to pay $2 billion for alleged servicing violations. Then in December 2014, Ocwen settled with the New York Department of Financial Services for $150 million after a two-plus year investigation by the New York DFS which found that Ocwen had sent backdated foreclosure notices to hundreds of borrowers. Ocwen blamed the erroneously dated material on computer errors.last_img read more