Real estate tycoon forecloses on more than 1,000 homes

Written By Unknown on Rabu, 05 November 2014 | 20.49

US foreclosure rates are falling — unless you're billionaire Bill Erbey.

The real estate tycoon foreclosed on 1,022 houses last quarter through his company Altisource Residential — a record, according to a quarterly presentation released Tuesday.

The skyrocketing foreclosure rate seemingly contradicts statements Erbey made last week that one of his companies' goals is "to keep people in their homes whenever possible."

Erbey — chair of at least five companies, including Altisource Residential and mortgage servicer Ocwen Financial — stands to gain handsomely when one of his companies forecloses on more homes, as all his companies primarily do business with one another, industry experts say.

"There's a very high correlation in growth in servicing and growth in revenues at Altisource, because Ocwen is Altisource's biggest client," Henry Coffey, an analyst at Sterne Agee, told The Post last week after Ocwen's earnings came out.

"Our preferred resolution methodology for non-performing loans is modification," Ashish Pandey, chief executive officer of Altisource Residential, told The Post. "We believe modification followed by refinancing generates four to five times greater return for us than foreclosure and is a socially responsible business strategy."

Regulators ramped up scrutiny of Erbey's companies, including Altisource Residential and Ocwen Financial, for conflicts of interest and allegedly backdating letters to distressed homeowners.


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