Late in 2014, Ocwen Financial and its relationship with its affiliated companies, Altisource Portfolio Solutions, Altisource Residential Corporation, Altisource Asset Management Corporation, and Home Loan Servicing Solutions was at the center of a $150 million settlement between Ocwen and the New York Department of Financial Services.
One of the main issues raised by the NYDFS was Ocwen’s founder, William Erbey, who served as the chairman of the board for all five companies.
As part of the NYDFS settlement, Erbey was forced to resign, but that doesn’t mean that the Ocwen affiliates don’t still have a close relationship.
Case in point: Altisource Residential and Altisource Asset Management, which, according to the company's website, exists solely to provide “portfolio management and corporate governance services” to Altisource Residential, announced that Michael Lubin is joining both companies.
Lubin joins Altisource Residential and Altisource Asset Management from Home Loan Servicing Solutions, where he served as senior vice president and general counsel from March 2014 to December 2015.
According to filing with the Securities and Exchange Commission, Lubin will serve as general counsel and secretary of Altisource Residential. Lubin will also serve as a senior vice president for Altisource Asset Management, although the companies note that Lubin’s primary responsibilities will be for Altisource Residential.
Prior to joining HLSS, Lubin was an attorney in the Cayman Islands office of Ogier, an international law firm, where he was part of the firm's corporate and investment funds practice groups and specialized in corporate law and the structuring, establishment and operation of hedge funds and private equity funds, the companies said in the SEC filing.
Prior to working for Ogier, Lubin was legal counsel at Bell Canada in Toronto, Ontario, where he advised the company in relation to both revenue generating and procurement transactions.
In coordination with Lubin joining Altisource Residential and Altisource Asset Management, Stephen Gray, who was Altisource Residential’s general counsel and secretary, was named Altisource Residential’s chief administrative officer and senior counsel.
Gray will continue to serve as the general counsel and secretary of AAMC, the companies said.
(Update: This article is now updated to provide clarification on which companies Lubin is joining.)