Ocwen Chairman’s Mansion Still on Market — Two Years After Shareholders Bought it for a Hefty Price

Ocwen

Ocwen Chairman’s Mansion Still on Market — Two Years After Shareholders Bought it for a Hefty Price

Two years after mortgage company Ocwen Financial Corp. bought Chairman William Erbey’s Atlanta mansion for top dollar, the spread remains on the market — even after two price cuts.

In an eyebrow-raising perk for a billionaire businessman, Ocwen in 2012 bought Erbey’s manse for $6.48 million — $2 million more than he paid at the peak of the housing market.

“The purchase price was within the market value range provided by an independent third-party appraiser,” Ocwen said in a statement at the time.

After Ocwen bought Erbey’s house, the company listed it for $6.7 million. Last year, Ocwen cut the price to $6.4 million. This month, Ocwen cut the price again, to $5.9 million, according to Zillow.

More here…

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Comments
2 Responses to “Ocwen Chairman’s Mansion Still on Market — Two Years After Shareholders Bought it for a Hefty Price”
  1. Mary CS says:

    i say we leave the ‘maintenance’ to Altisource…another Ocwen-connected firm that was supposed to ‘manage’ my house, the one that Ocwen stole …er…’bought’ last year. Altisource hasn’t sent anyone out in the entire time – I had to return periodically over the summer to mow the yard and trim weeds as well as rake leaves in November and shovel the walks after our Chicago blizzard at the start of Feb.

  2. BOBBI SWANN says:

    Just WHY did the stockholders buy his house in the first place? He couldn’t make his payments? Couldn’t get a loan mod or HAMP? Isn’t this some sort of conflict of interest that they would buy this house and not every other house that goes belly up?

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