Ocwen’s Erbey Gets Cash, Benefits for Spouse After Departure
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William Erbey is getting $1.2 million in cash and medical coverage for his wife after he stepped down from Ocwen Financial Corp., one of the largest mortgage servicers, as part of a deal with New York regulators.
Erbey, 65, will receive $725,000 as a severance payment, $475,000 in lieu of relocation benefits, and lifetime health insurance for himself and his spouse, Ocwen Financial said today in a regulatory filing. He’ll also get a $725,000 dividend from his preferred stake in Ocwen Mortgage Servicing before the firm repurchases the holding for $100.