SWEETHEART DEAL | Ocwen bought chairman Erbey's (now in St. Croix) Atlanta property for $2 million more than he paid in 2006

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SWEETHEART DEAL | Ocwen bought chairman Erbey’s (now in St. Croix) Atlanta property for $2 million more than he paid in 2006

SWEETHEART DEAL | Ocwen bought chairman Erbey’s (now in St. Croix) Atlanta property for $2 million more than he paid in 2006

Sounds awfully bogus…anyone surprised?


PALM BEACH POST-

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.

[PALM BEACH POST]

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