William Erbey | |
---|---|
Citizenship | American |
Alma mater | Harvard Business School [1] |
Occupation | American businessman |
William Erbey is an American businessman and the founder of Ocwen Financial Corporation. [2] [3] Erbey made billions during the subprime mortgage crisis by positioning Ocwen to take advantage of larger banks leaving the market; however, he later lost much of his wealth amid allegations of frequent legal violations and conflicts of interest by the company. [4] [5] In 2014, these conflicts of interest led to Erbey's resignation from Ocwen's board as part of a settlement with the New York Department of Financial Services. [6] [7] [8]
Erbey was the founder of Ocwen Financial Corporation, a mortgage services company that made large amounts of money during the subprime mortgage crisis. [2] [9] In 2014 he stepped down as board chairman as part of a settlement with the New York Department of Financial Services, and resigned from positions at several related companies, over what the New York regulator called "serious conflicts of interest." [6] [7] [8] Erbey chaired, and was the largest stakeholder for, four companies which had close business relationships with Ocwen; by directing default-related business to these companies, Erbey was able to profit by putting borrowers in default. [10] [6] In order to do so, Ocwen used backdated letters to borrowers to make it appear as if they had not replied in the required timeframe and violated over a thousand of its other legal obligations. [6] [10] [11] As part of his resignation, Erbey received a lump-sum payment of $1.2 million dollars from Ocwen. [7]
Erbey has blamed what happened to his company on what he calls a "concerted smear campaign" by PIMCO and BlackRock, which he sued in 2017. PIMCO and BlackRock have been accused of a “wilful and wanton scheme . . . to cripple, if not outright destroy” Ocwen. [12]
{{
cite web}}
: CS1 maint: multiple names: authors list (
link)
William Erbey | |
---|---|
Citizenship | American |
Alma mater | Harvard Business School [1] |
Occupation | American businessman |
William Erbey is an American businessman and the founder of Ocwen Financial Corporation. [2] [3] Erbey made billions during the subprime mortgage crisis by positioning Ocwen to take advantage of larger banks leaving the market; however, he later lost much of his wealth amid allegations of frequent legal violations and conflicts of interest by the company. [4] [5] In 2014, these conflicts of interest led to Erbey's resignation from Ocwen's board as part of a settlement with the New York Department of Financial Services. [6] [7] [8]
Erbey was the founder of Ocwen Financial Corporation, a mortgage services company that made large amounts of money during the subprime mortgage crisis. [2] [9] In 2014 he stepped down as board chairman as part of a settlement with the New York Department of Financial Services, and resigned from positions at several related companies, over what the New York regulator called "serious conflicts of interest." [6] [7] [8] Erbey chaired, and was the largest stakeholder for, four companies which had close business relationships with Ocwen; by directing default-related business to these companies, Erbey was able to profit by putting borrowers in default. [10] [6] In order to do so, Ocwen used backdated letters to borrowers to make it appear as if they had not replied in the required timeframe and violated over a thousand of its other legal obligations. [6] [10] [11] As part of his resignation, Erbey received a lump-sum payment of $1.2 million dollars from Ocwen. [7]
Erbey has blamed what happened to his company on what he calls a "concerted smear campaign" by PIMCO and BlackRock, which he sued in 2017. PIMCO and BlackRock have been accused of a “wilful and wanton scheme . . . to cripple, if not outright destroy” Ocwen. [12]
{{
cite web}}
: CS1 maint: multiple names: authors list (
link)