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Rep. Katie Porter, Who Hates Big Banks, Silently Erased Her Job at Ocwen Financial Corporation

Rep. Katie Porter, Who Hates Big Banks, Silently Erased Her Job at Ocwen Financial Corporation

Porter’s office is silent.

Politico reported that Rep. Katie Porter, who wants to take over Sen. Dianne Feinstein’s Senate seat, erased her job as a consultant for Ocwen Financial Corporation:

But in the aftermath of the 2008 financial crisis, a major industry player turned to her for advice.

Porter was hired in 2015 as a consultant for Ocwen Financial Corporation, a large mortgage loan servicing provider that faced multibillion-dollar fines and penalties for deceiving homeowners. Her stint in the corporate world came shortly after she oversaw the national mortgage settlement as the state’s independent monitor and before she made her first run for Congress.

Is it a big deal?

Well, Porter became a progressive sensation for going after the big banks and corporate interests.

It gets stickier because one Porter aide said Ocwen hired her “to advise the company in its communication with customers and did not lobby or interact with regulators.”

Nathan Click, Porter’s senior adviser, told Politico that Ocwen hired her for similar “work she did as California’s monitor during the mortgage settlement, such as ‘translating the banks’ mumbo jumbo about eligibility into a clear consumer-facing tool.'”

Ocwen wouldn’t provide comment because “the company can’t share the existence or scope of its consulting contracts.”

Porter’s entanglement with consumer protection and mortgages began in 2008. Sen. Elizabeth Warren’s protege and former student became the national go-to person:

Before taking the job with Ocwen, Porter had established herself as a national authority on consumer protection. A protégé and former law student of Sen. Elizabeth Warren (D-Mass.), Porter testified to Congress in 2008 about how mortgage servicers were taking advantage of struggling homeowners. Such firms, Porter said at the time, lacked incentives to obey the law and to charge consumers only what they owed. Porter added she was concerned about millions of families whose debts were being collected by the likes of Ocwen and other firms whose representatives weren’t present at the May 2008 hearing.

Nearly four years later, Harris announced the appointment of Porter as California’s monitor after the big banks committed billions in homeowner and borrower benefits in the state. Harris at the time described Porter’s role as central to ensuring that hundreds of thousands of Californains benefited from the banks’ settlement.

During her time as the monitor, Porter stated in a Wall Street Journal interview “that the settlements and subsequent changes undoubtedly improved industry practices.” She insisted the banking industry remained incompetent due to a lack of technology and a common platform.

Politico wrote that Porter included the Wall Street Journal in the resume with the Ocwen job.

Porter stopped working as a monitor in 2014. Ocwen hired her in 2015:

Ocwen in 2013 settled with California and 48 other states for $2.1 billion stemming from allegations that between 2009 and 2012 the company deceived homeowners and engaged in robo-signing and other misconduct. At the time of that settlement, Ocwen held about 6 percent of all California underwater loans, and Porter was working as the state’s independent monitor appointed by then-Attorney General Kamala Harris to oversee the larger, $20-billion mortgage settlement with five major banks. The Ocwen settlement was finalized in 2014, while Porter was still with the state.

In 2015, she accepted the consulting role for the company while teaching at UC Irvine. The work lasted less than six months, Click said, adding that Ocwen was the only financial firm that Porter worked for. It represents an unexplored time in the career of an official who is known for her candor.

Porter’s aides also wouldn’t provide specifics about the nature of the relationship between her and Ocwen. How did it start? Why did it end?

UC-Irvine told Politico it cannot get back to the publication until late August regarding questions about “Porter’s conflict-of-interest disclosure forms required by university policy.”

If Porter’s consulting job was only to help improve Ocwen’s communications and make it competent, then why erase it from the resume and remain secretive? Politico found the job remained on an older version of the resume, but it does not appear on the resume published three months during the first three months of her Congressional campaign in 2017:

Porter between 2018 and 2020 also received $2,250 in contributions to her House campaign committee from Phyllis Caldwell and Jill Showell. Caldwell, a director, chaired Ocwen’s Board of Directors from March 2016 to January 2023 while Showell served as senior vice president of government and community relations at Ocwen. Neither responded to inquiries.

Something fishy is going on here. You’d think someone who helped improve a big bank’s communications and dealings with customers would boast about it, especially someone who hates big banks.


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Still prefer her to Adam Schiff, tho.

Ocwen was a bottom-feeder company, specializing in sub-prime loans. They were also very aggressive about their collections and recovery practices… not exactly a ‘consumer friendly’ organization.

    CommoChief in reply to Paul. | July 17, 2023 at 9:24 pm

    No one made adults sign these sub prime loan contracts aka ‘liar loans’ due to lack of income and asset verification as an offset to higher interest rates/terms. For the most part folks signed up expecting the magic elevator to raise the value of the property so they could flip it for a profit. Didn’t turn out that way for many who got caught overexposed and overextended.

    Every debtor owes an obligation of repayment according to the terms of the contract they willingly signed. Our financial system would collapse if we didn’t require debtors to meet their obligations.

      Ocwen was busted doing nasty stuff like intentionally delaying the posting of payments in order to run up late fees and force borrowers into delinquency. They did this type of crap on a large scale and wound up paying billions in fines as a result.

        henrybowman in reply to Paul. | July 18, 2023 at 12:48 am

        Sounds like she hid it, not because they were a bank, but because they were “that” bank.

        CommoChief in reply to Paul. | July 18, 2023 at 8:06 am

        Yes they did settle the cases which ‘alleged’ those things. The practices ‘alleged’ were actually very common place in the mortgage service industry. Which is why JP Morgan Chase, Citibank, Wells Fargo, Bank of America, SunTrust, HSBC among other banks also settled class actions with similar allegations.

        Most of the issues stemmed from either:
        1. No automatic bank draft payment being set up by customer and folks trying to pay online at the last moment or past due; led to late fees and penalty being imposed
        2. Implementation of loan modification during the housing/real estate crisis which was a fiasco for nearly every institution

        Bottom line is much of this could have been prevented by better choices from consumers. The lenders shouldn’t be assigned all the blame or the responsibility for the voluntary choices of consumers.

Politicians say what they think you want to hear. It’s the DeSantis effect.

revolving door from government to industry sounds kind of unethical.

E Howard Hunt | July 17, 2023 at 4:28 pm

Wow, maybe a tranny lookalike in the senate.

What a hippo-crite.

BierceAmbrose | July 17, 2023 at 8:25 pm

This is what regulatory capture looks like.

We just get these ritual, tolerable “punishments” then the institutions go on. The ones that did it. The ones they worked with. And the ones that “oversee” it all.

Interesting that the bank hired this larva for messaging, not to make things work. And now she’s qualified for bigger things in politics.

Suburban Farm Guy | July 17, 2023 at 9:15 pm

The face of. everything wrong in America

Did she pour scalding potato water on her Ocwen client?

Katie Porter who hates banks but loves her some Golden Corral All You Can Eat Buffet..

Katie Porter is a malignant narcissist and cannot be trusted with any power whatsoever:

Katie Porter allegations of racist rhetoric, staff abuse ignored by most media as she launches Senate bid:

Katie Porter and the ‘bad boss’ problem:,for%20giving%20the%20congresswoman%20Covid.

Rep. Katie Porter scalded ex-husband’s scalp with potatoes: