The billionaire set a skyrocketing foreclosure rate last quarter through a company he is chairman of, Altisource Residential.
Foreclosures rates are dropping across the country and apparently billionaire Bill Erbey didn't get the memo. According to a quarterly presentation, Erbey foreclosed on 1,022 houses last quarter through a company he is chairman of, Altisource Residential.
Erbey, chairman of mortgage servicer Ocwen, one of Altisource’s biggest clients, stands to win big from the foreclosures, according to the New York Post. The news appears to contradict a statement he said last week of Ocwen's goals, "We work very hard to keep borrowers in their homes."
Ocwen is currently being accused of denying struggling borrowers the chance to fix loan problems and avoid foreclosures. A recent investigation by the New York's Department of Financial Services found that Atlanta-based Ocwen Financial inappropriately backdated thousands of time-sensitive letters to mortgage borrowers and did not take action to fix the issue despite repeated notices of concern.
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