New York's banking regulator said on Wednesday that executives at Ocwen Financial Corp, a company that collects home loan payments, have ties to related mortgage companies that may give them an incentive to push borrowers into foreclosure. Benjamin Lawsky, Superintendent of New York's Department of Financial Services, sent a letter to Ocwen seeking information about stock holdings and other relationships among Ocwen's officers and directors and four affiliates. William Erbey, Ocwen's executive chairman, chairs four related companies: Altisource Portfolio Solutions SA, Altisource Residential Corp, Altisource Asset Management Corp and Home Loan Servicing Solutions Ltd. The companies provide an array of real-estate services, from purchasing and renting out single-family homes to managing real-estate investment trust assets. The letter comes amid increased scrutiny of mortgage servicers like Ocwen whose explosive growth since the financial crisis has raised questions about whether
↧