Ocwen’s William Erbey deserves a Passport to Prison- not Malta

Erbey

William Charles Erby- Ocwen’s Finest

http://www.maltatoday.com.mt/news/national/66489/millionaire_facing_us_investment_fraud_suit_is_maltas_newest_citizen#.V2MBeeYzZb0

Mortgage Titan and U.S. Citizen William Charles Erbey, who built Ocwen Financial into one of the country’s largest non-bank mortgage servicers, is having problems qualifying for a Maltese passport. Although there has been no reason provided for the holdup on William’s passport application, it could have something to do with the numerous securities violations Williams is accused of.   William Erbey is accused by critics of having built an empire on foreclosure misery, and who saves tax by sheltering his companies in the Virgin Islands, Luxembourg and the Caymans. In 2012 he relocated to the U.S. Virgin Islands.

 
Erbey applied for Malta’s €650,000 “Golden Passport” program. Malta has become a gateway for wealthy investors — mainly from politically unstable parts of the world — to secure a base in London. While expensive, it promises a straightforward citizenship program that allows participants to operate throughout the 28-member European bloc.

 

A Maltese passport also confers some of the best banking and tax benefits of any country- if you are fortunate enough to buy your way in. What Erbey’s motivations are in regards to attempting to purchase Maltese-European citizenship should be investigated, but it would appear that Erbey is looking for secondary-citizenship to protect his ill-gotten gains.

 
Erbey has been in hot water with New York State regulators, who are still examining the financier’s business practices. Not only is Ocwen under investigation for continuing to defraud borrowers at every stage of loan servicing, Erbey’s affiliated mortgage services are also under investigation.

 

Authorities allege Erbey’s Ocwen Financial required underwater homeowners to buy a specific type of home insurance policy through a company, Altisource Portfolio Solutions, in which he has a significant stake. That arrangement allegedly allowed Altisource to generate $65 million in fees. The scrutiny has reduced Erbey’s financial fortune by $500 million in the past year.

 
In 2011, Ocwen was investigated by New York’s Department for Financial Services for incomplete documentation and record-keeping, falsification of evidence through “robo-signing” and pursuit of foreclosures without legal standing.

 

Ocwen pushed homeowners into foreclosure and then further profited by funneling default-related business to Erbey’s associated companies. For example, one subsidiary hosted Ocwen’s online auctions; another handled post-foreclosure real estate transactions. Mortgage servicers like Ocwen are essentially debt collectors, collecting monthly principal and interest from homeowners.

 

In 2013, approximately 9,500 homeowners complained about how Ocwen serviced their mortgages. The Consumer Financial Protection Board (CFPB) teamed up with authorities from 49 states to force Ocwen into a $2 billion settlement for in loan reductions to homeowners struggling to stay afloat and $127.3 million in refunds for 185,000 people whose properties had already been foreclosed upon. Yet no one, not even Erbey went to jail for the scheme that stole thousands of homes.

 

Erbey shouldn’t qualify for a passport to Malta, but a passport to federal prison. What is left of his fortune from the illegal activites of Ocwen and Altisource should be returned to the thousands of homeowners who were forced into foreclosure by a loan dis-servicer without absolutely no standing to foreclose.

11 Responses

  1. I would have thought Elaine would have killed you by now. But that would be too easy.
    Maybe now you will lose some weight so you won’t look like a gorilla on a trycycle when you drive your little sports car.

  2. No need to “hate” to say it. This fat kat billionaire theif stole my Sallen Oregon home with Ocwen aiding and abbetting as they went to Portland Fed Ct, hand in conspiratinal hand and STOLE myfree and clear $340k (AAG apreaisel for $300 rev mortgage. The neak theived with fat ass Embreys blessings conne Fed Ct Judge Anna Brown in to GIVING my home to theives who had zero, nada, nothing even close to any Proof of Standing. In the end thet skinned my ass clean and managed to con the Judge into dismissng me “WITH PREJUDICE and she refused m entry in to her court. Go figue, I was 75, disabled vet. Then along comes CFPB offering a ray of hope to recover. Whoo does CFPB hand overthe 2 billion checl book to…yuppers, right into th fat ass criminal William Embrey CEO of Ocwen. and his partner, HSBC who was under investigation od laundering S Americam Drug cartel cocaine profits….no doubt in my mind aiding and abbetting “EL CHAPPO” Medelien Drug cartel down in Columbia. So don’t “HATE TO SAY IT” Its just a damn shame that I can’t help skin his fat ass alive for stealing my remaining “golden”years

  3. I hate to say it but this guy should be skinned then stoned in the town square and then they would think twice,instead he gets to retire and get fatter ,maybe fly out and hang with Angelo and jamie dimon.

  4. Reblogged this on Deadly Clear and commented:
    And don’t think the banks they service for shouldn’t be their roommates!

  5. Hey its worse then that…LOL…
    Ocwen came after me for mortgage and fees on the 2nd….AFTER I was discharged on BK, AFTER I was foreclosed on, AFTER I was disposed and evicted from the property …and two years later…telling me if I didn’t pay up they were going to FC on me…..LOLOLOLOLO!!!

    Timing is everything.

  6. Hang him for TREASON.

  7. Excellent.
    Tide is turning.
    Keep the faith.

    Bruce,
    There are no words and thank you for serving our country.
    Many vets are having their ‘foreclosures’ reversed and remanded.

  8. What adisgusting looking fat faced oinker this miserable theif who stole my $340k free and clear home from me a helpless old disabled vet. I get to enjoy whats left of my life in dire straights and poverty because CFPBs recovery funds failed, miserably. How in Gods Good Grace could CFPB have fed me and many others to the wolves and
    lions. Kind of put CFPB in the same pair of pajamas with Ocwen. I am ashamed pf CFPB, bitterly so. Sure makes me wonder what Obama and Richard Cordrey were thinking of by intrusting a fat pig thief with our money….Mothe of God, Sweet Horl Jesus what amonsterous rip off.

  9. Ocwen’s stock is from $60 down to $1.55 as of right now..

  10. Jabba the Hutt in a suit and glasses . . .

  11. I guess you can run a hit and run business from another country? Great. He has to relocate before the pitchforks and torches get him.

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