Altisource Asset to be led by William Erbey

Controversial former Ocwen head William Erbey has returned as chairman and CEO of Altisource Asset Management, one of the companies he had been in charge of prior to being forced out by New York regulators.

Altisource Asset Management, Altisource Portfolio Solutions, Altisource Residential and Home Loan Servicing Solutions were once closely tied to Ocwen Financial. Until he was removed under duress in a December 2014 legal settlement with the New York Department of Financial Services over Ocwen's mortgage servicing practices, Erbey was the chairman of all of those except HLSS. Erbey's bio in the Securities and Exchange Commission filing said he left HLSS in 2013.

Erbey is now stepping in at Altisource Asset Management after Chief Operating Officer Danya Sawyer's resignation on Dec. 1. Sawyer had occupied Altisource Asset Management's CEO position on an interim basis since August, following the resignation of Jason Kopcak after just over one year at the helm.

Erbey's bio said he's been CEO of Salt Pond Holdings since December 2012 and the manager of System73 Global since September 2017. 

The company has had mixed fortunes as of late.

Last month, Altisource Asset Management received a second delisting notice from the New York Stock Exchange because the company did not regain compliance in 18 months with the NYSE American's trading rules following a brief suspension.

The Virgin Islands-headquartered company attempted to reinvent itself at the time of the initial delisting as a provider of cryptocurrency automated teller machines and financing alternative mortgages. Front Yard Residential had been Altisource Asset Management's largest client prior to its purchase by Pretium and Ares.

But in the weeks prior to the merger's announcement, Erbey, an investor in Front Yard, called for its liquidation.

Today Altisource Asset Management acquires, originates and manages mortgage loans, mortgage-backed securities and equity investments in underserved markets, its press releases states.

On Dec. 4, the company announced it received a favorable court ruling against Blackrock and Pimco that its claims against those entities be allowed to proceed.

Still, Altisource Asset lost $13.5 million in the third quarter.

Controversial former Ocwen head William Erbey has returned as chairman and CEO of Altisource Asset Management, one of the companies he had been in charge of prior to being forced out by New York regulators.

Altisource Asset Management, Altisource Portfolio Solutions, Altisource Residential and Home Loan Servicing Solutions were once closely tied to Ocwen Financial. Until he was removed under duress in a December 2014 legal settlement with the New York Department of Financial Services over Ocwen's mortgage servicing practices, Erbey was the chairman of all of those except HLSS. Erbey's bio in the Securities and Exchange Commission filing said he left HLSS in 2013.

Erbey is now stepping in at Altisource Asset Management after Chief Operating Officer Danya Sawyer's resignation on Dec. 1. Sawyer had occupied Altisource Asset Management's CEO position on an interim basis since August, following the resignation of Jason Kopcak after just over one year at the helm.

Erbey has been CEO of Salt Pond Holdings since December 2012 and the manager of System73 Global since September 2017, according to a company biography. 

Altisource Asset Management has had mixed fortunes as of late.

Last month, it received a second delisting notice from the New York Stock Exchange because the company did not regain compliance in 18 months with the NYSE American's trading rules following a brief suspension.

The Virgin Islands-headquartered company attempted to reinvent itself at the time of the initial delisting as a provider of cryptocurrency automated teller machines and financing alternative mortgages. Front Yard Residential had been Altisource Asset Management's largest client prior to its purchase by Pretium and Ares.

But in the weeks prior to the merger's announcement, Erbey, an investor in Front Yard, called for its liquidation.

Today Altisource Asset Management acquires, originates and manages mortgage loans, mortgage-backed securities and equity investments in underserved markets, the boilerplate in its press releases states.

On Dec. 4, the company announced it received a favorable court ruling against Blackrock and Pimco that its claims against those entities be allowed to proceed.

Still, Altisource Asset lost $13.5 million in the third quarter.