"You have this whole populist phenomenon. Anti-banks anti-Wall Street anti-private equity anti-anything like that. I have no idea when that populist sentiment will abate or if it will. The industry has not exactly covered itself with glory in recent years so while I think the criticism is wildly exaggerated its not totally unfounded,"Ross said. "This robosigning and all these things were inappropriate activities."
"Now having said that, the amount of screaming and yelling about mortgage foreclosures and improprieties is overblown in the sense that I am not aware of a single case where a single homeowner got dispossessed who didn't have a mortgage that he was in default on and that he was going to cure. So while there's been a lot of screaming and yelling and state attorneys general and all kinds of people climbing on, the reality is that what all that litigation has accomplished is mainly permitting a number of people to live rent free for years."
Ross still has a sizeable multifamily servicing and origination platform in
Berkeley Point Capital
, acquired by Ross and Ranieri Real Estate Partners from
earlier this year. Berkeley Point originates some $2 billion in mortgages annually and services about $30 billion.
Nationstar did not immediately return calls for comment.
Written by Dan Freed in New York