Foreclosure rates are tumbling nationwide, but one mortgage tycoon might have missed the memo. Bill Erbey foreclosed on more than 1,000 homes last quarter through Altisource Residential.
The number sets a new record, according to the New York Post. Erbey is also the chairman of mortgage servicer Ocwen Financial. Ocwen, in turn, is one of Altisource’s biggest clients, which means that Erbey stands to win big from the foreclosures of the 1,022 properties, industry experts told the newspaper.
This summer, New York State Department of Financial Services chairman Benjamin Lawsky opened an investigation into Ocwen’s relationship with Altisource to determine whether it was enriching itself at the expense of homeowners. [NYP] — Claire Moses