New York Demands Answers About Ocwen, Altisource & Hubzu Business Practices


HousingWire is reporting that New York’s top bank regulator has concerns about the business practices of Ocwen Financial Services, a nonbank that has recently become a lightning rod for regulator intervention.

According to the report:

New York State’s Department of Financial Services Benjamin Lawsky’s move comes just four days after Ocwen CEO Bill Erbey said that Lawsky’s indefinite hold on the $2.7 billion MSR deal between Ocwen and Wells Fargo has put a freeze on all MSR deals in the market. Erbey made the statement during the conference call for Home Loan Servicing Solutions first-quarter earnings.  “Until we resolve – this relates to Ocwen – until we resolve New York State we’re not acquiring any new (MSR) portfolios at all. As a matter of fact the entire market – nothing is being put out for bid right now,” Erbey said. “The whole market has stopped until that gets resolved.”

Click here to read the full story on HousingWire.

About Author

Director of Education & Outreach, National Real Estate Investors Association

Leave A Reply