Ocwen President to Step down within the Settlement That have Nyc Regulator
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Updated, 8:40 p.yards. | The loan globe had high hopes for Ocwen Financial. The company’s president, William C. Erbey, got many years of feel servicing subprime money and you will enabling economically troubled borrowers.
However, The York’s most readily useful financial regulator mentioned that as the business became, Ocwen subjected individuals on the same difficulties due to the fact big banking institutions: destroyed papers, poor foreclosures and you can robo-signings.
Into the Saturday, Mr. Erbey agreed to step-down given that president from Ocwen, one of many state’s largest mortgage servicers, as part of a settlement having Benjamin M. Lawsky, Brand new York’s superintendent off financial attributes.
Brand new broad payment capped an intense data because of the Mr. Lawsky’s work environment with the Ocwen’s servicing techniques and you may corporate governance. Including stopping his top article at Ocwen, Mr. Erbey wanted to step down given that president out-of five other programs that he guides because the chairman, shortly after Mr. Lawsky’s office quoted issues of interest. (mehr …)