This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Wilbur Ross Discusses Ocwen Chairman Bill Erbey

Homeward, I had thought, had done a very good job at cost control. And like Ocwen, we did a lot of our routine functions in India, so does Ocwen, but when I looked at the comparison they were getting much more productivity at much lower costs out of their people than we were, and with smaller turnover of people. And India nowadays is such competition for people to do the call centers, to do back office things, that there's an enormous amount of job hopping. They do not have as much job hopping away from them as other companies out there, and I think it's because they do a better job training the people. There are things at training new people. There are things at weeding out the new people that don't work out for them, and as a result they've built, what to my mind, is quite an amazing corporate culture because it's very tricky in any kind of service business to have the combination of high quality service and yet a low cost delivery system. They've accomplished that. So it's not so much an anecdote, it's just the achievements that they've made may sound small to you reducing call waiting time by a couple of seconds is a really big deal, and it's really hard to do.

TheStreet:

Yeah.

Ross:

If you've ever tried to get your local phone company or utility company on the line you'll know what I mean.

TheStreet:

Yeah. Yeah. No, that's very helpful. Thank you. All right. There are other people you can think of who would be important to speak to about Bill?

Ross:

I would call some of the other directors. I'm relatively new. We've been involved with them for less than a year. So I've known him socially for quite a while, but I haven't seen him, at one point maybe 15 years ago the company was not in all that good shape. There are probably more anecdotes about how he got it turned around, and so the people who've been on the board in particularly for a long time might very well be a very rich source of that. I can only talk about the company in a more contemporary form because that's all that I've been directly exposed to.

2 of 6

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs