Mortgage firm Ocwen buys chairman’s house for $2 million more than he paid at peak
In a generous perk for a billionaire businessman, mortgage firm Ocwen Financial Corp. bought Chairman William Erbey’s Atlanta mansion for $2 million more than he paid at the peak of the housing market.
Ocwen (NYSE: OCN) said in a regulatory filing last month that it paid $6.48 million for Erbey’s house in Atlanta so Erbey could move to St. Croix, where Ocwen opened a subsidiary earlier this year. Ocwen collects loan payments from subprime borrowers, some of whom accuse the company of hardball tactics that push them into foreclosure.
“It is really ironic that a company that is a subprime mortgage processor would give a sweet deal to its executive chairman that its own customers couldn’t get,” said Vineeta Anand, chief research analyst at the AFL-CIO’s Office of Investment.
Erbey paid $4.39 million for the 10,452-square-foot house in May 2006, according to property records. Since then, Atlanta home prices have plunged 31 percent, according to the Standard & Poor’s/Case-Shiller index.
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Ocwen in bankruptcy at one time. OMG! They are at the top of the whoremongers of the industry. I feel soooo sorry for anyone that has to deal with them. I caught them red-handed on illegal dealings on a mortgage they had on a property I owned. When exposed and reported to the State Attorney’s office nothing happened. Well, just color me surprised!!!!
These scumbags were directly connected to Delta Funding from Long Island. The originators of sub prime mortgages, who then filed for bankruptcy.
A member of Clinton’s team was on their board.
And the beat goes on.
BTW, the Millers, who owned Delta, were former life insurance salesmen. Check your policies.!