Items Tagged with 'William Erbey'


  • Ocwen to pay $49 million to settle class action lawsuit over restated financials

    Also agrees to provide $7 million in company stock to class members
    Ocwen Financial will pay at least $49 million to settle a class action lawsuit over the nonbank restating its 2013 and 2014 earnings after its auditor found a potential “material weakness” in the way it valued and recorded a financial transaction. The issue previously led to Ocwen paying a $2 million fine to the SEC after an investigation found that the company misstated it financials on several occasions.
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  • Monday Morning Cup of Coffee: Judge tosses Ocwen, Altisource kickback lawsuit

    Calls alleged actions "extremely troubling," but says case doesn’t hold up
    It’d be pretty safe to say that Ocwen Financial struggled the past few years. But, the company got a little bit of good news last week, when a judge dismissed a lawsuit accusing Ocwen and Altisource Portfolio Solutions of overcharging homeowners for service. The question now becomes are the company’s next steps forward? Backward? Or right into the eye of another storm? All that and more in your Monday Morning Cup of Coffee.
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  • SEC fines Ocwen $2 million for misstating financials; Altisource, HLSS relationships

    Used flawed MSR valuation methods
    Ocwen Financial will pay a $2 million fine after a Securities and Exchange Commission investigation found that the nonbank misstated it financials on several occasions by using a “flawed, undisclosed methodology” to value mortgage servicing rights that were sold to an Ocwen-associated company, Home Loan Servicing Solutions.
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  • How much will Ocwen pay William Erbey to leave?

    Can't disclose any industry secrets
    William Erbey may be leaving Ocwen Financial behind after being forced to resign from his position as executive chairman as part of a massive settlement with the New York Department of Financial Services, but he is not leaving empty-handed. Far from it, in fact.
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  • Altisource CEO: We’re committed to supporting Ocwen

    Company executives preach calm to investors
    Executives from Altisource Portfolio Solutions attempted to calm the company’s investors in a call Friday, sharing their preliminary view of the fourth quarter and their plans for 2015. The company stands shaken after its chairman, William Erbey, was forced to resign as part of $150 million settlement with the New York Department of Financial Services.
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  • SEC subpoenas Ocwen over Altisource, HLSS associations

    Joins NYDFS in questioning company’s relationship with its affiliates
    Ocwen’s close relationship with Altisource Residential, Altisource Asset Management Corp., Altisource Portfolio, and Home Loan Servicing Solutions has been under scrutiny since New York's Department of Financial Services first sent a letter to Ocwen’s general counsel about the dealings between the affiliated companies in February.
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  • Nonbanks expect big year for MSRs

    Nationstar, Walter, Ocwen, soar on HW 30
    Nonbanks are experiencing a strong day on the stock market, following positive first-quarter earning reports. MSR transfer activity is still occurring and more importantly, the long-term pipeline of opportunities is very healthy.
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