2012-09-14 — palmbeachpost.com
In a generous perk for a billionaire businessman, mortgage firm Ocwen Financial Corp. bought Chairman William Erbey's Atlanta mansion for $2 million more than he paid at the peak of the housing market.
"It is really ironic that a company that is a subprime mortgage processor would give a sweet deal to its executive chairman that its own customers couldn't get," said Vineeta Anand, chief research analyst at the AFL-CIO's Office of Investment.
Erbey paid $4.39 million for the 10,452-square-foot house in May 2006, according to property records. Since then, Atlanta home prices have plunged 31 percent, according to the Standard & Poor's/Case-Shiller index.
The Fulton County Board of Assessors values the home at $3.11 million. Zillow.com says it's worth $3.36 million.
"The purchase of Mr. Erbey's residence in Atlanta by Ocwen is consistent with the company's senior executive relocation policy and practice," Ocwen said in a statement. "The purchase price was within the market value range provided by an independent third-party appraiser."
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