Kevin Dugan, NY Post Billionaire Bill Erbey is starting to bend. Bowing to months of regulatory pressure, Altisource Portfolio Solutions — part of a web of Erbey-controlled companies with ties to mortgage servicer Ocwen Financial — will stop imposing a costly type of mandatory insurance on homeowners. The company is discontinuing the practice “given the […]
Ben Lane, Housing Wire It hasn’t been a good day for Altisource Asset Management Corp (AAMC). In fact, the day is looking downright catastrophic. The company’s stock is currently trading at $840 per share, which is down more than $259 for the day. The company’s stock has lost more than 30% of its value in less than […]
Sheri Qualters, National Law Journal A federal appellate court ruled that Wells Fargo Bank must face a Massachusetts consumer protection law claim that entails possible triple damages, plus additional claims, for its conduct toward a homeowner under a federal loan modification program. A unanimous U.S. Court of Appeals for the First Circuit ruling in Young v. […]
Jessica Toonkel and Rick Rothacker, Washington Post Ocwen Financial is in the lead to buy a portfolio of mortgage-collection rights from Ally Bank worth about $1 billion, three people familiar with the situation said Thursday. The deal would help Ally, the bailed-out auto lender that is 74 percent owned by the U.S. government, raise money […]
Dow Jones Newswires The U.S. is worried Ocwen Financial Corp. (OCN) won’t abide by a home-lending industry overhaul that was “designed to protect homeowners from future occurrences of mortgage-related abuse and fraud” when it takes over Residential Capital LLC’s servicing platform as part of a $3 billion deal. Papers filed in advance of a Nov. 19 […]
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