Mortgage Firm Ocwen Buys Chairman’s House for $2 Million More Than He Paid at Peak

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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2 Responses to “Mortgage Firm Ocwen Buys Chairman’s House for $2 Million More Than He Paid at Peak”
  1. Bobbi Swann says:

    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!!!!

    • joe parisi says:

      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.!

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