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Ocwen's billionaire chairman to step down after company agrees to pay $100M penalty

  

bizjournals.com | December 26, 2014

By Shaun Bevan

Ocwen Financial Corp.'s billionaire executive chairman will resign while the company pays a $100 million penalty as part of a legal settlement with the New York Department of Financial Services.

Ocwen used to be based out of West Palm Beach before it moved to Atlanta, but still has an office here. Ocwen's chairman William Erbey could step down by mid-January as part of a proposed consent order, according to the Palm Beach Post. Ocwen also will pay $50 million in restitution.

Nearly one year ago, Ocwen signed a $2.1 billion settlement after a federal complaint was filed alleging misconduct by the company "resulted in premature and unauthorized foreclosures, violations of homeowners' rights and protections, and the use of false and deceptive documents and affidavits, including robo-signing," according to a press release from the Florida Attorney General's Office.

 

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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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