This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Wilbur Ross Discusses Ocwen Chairman Bill Erbey

Stocks in this article: OCN

TheStreet:

In terms of explaining the industry where Erbey has made his fortune, and where he still seems to have most of his attention and money tied up, it seems like its mortgage servicing. What other businesses, aside from mortgage servicing, do you think are key to understanding Erbey?

Ross:

Well I think it's a couple of things. Number one is a hundred percent dedicated to making this company better every year than it was the year before, not just better in terms of stock, but better in terms of being a business. For example he recently decided that it would be in the company's interest to move it to the Virgin Islands. There are tax reasons, and such, for that. Well in order to make that really work, and not just be a phony bologna gimmick, it became necessary for him to move there. I don't know if you spend a lot of time in St. Thomas, and I certainly don't mean to disparage it, but there not a lot of people, who are wealthy people, who live in Palm Beach, who would welcome moving to St. Thomas. He did that simply to make his company better. And when you think about how wealthy he's become, it's really quite amazing.

TheStreet:

I didn't realize that. I've never been to St. Thomas. Why is it?

Ross:

Not that there's anything horrible about it, it's just that it's certainly isn't Palm Beach.

TheStreet:

One of the opportunities that I think is sort potentially interesting about, I guess it's Altisource Portfolio Solutions (ASPS), I don't know if by virtue of your investment in Ocwen you would benefit from this. But you know if you look at the multiples attached to Zillow (Z) and Trulia (TRLA), you know online buying and selling of homes, it seems like a potentially interesting business. You know the market obviously feels that way, but they seem to ignore the fact that Altisource is conducting online, you know is actually doing these transactions already. Something that Zillow and Trulia are not. I mean is that a business that you could see, you know, where you could see Altisource becoming a major player, and would you, again, would you be able to participate in that by virtue of your stake in Ocwen?

3 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!

Markets

DOW 18,030.21 +6.04 0.03%
S&P 500 2,081.88 -0.29 -0.01%
NASDAQ 4,773.4720 +8.0480 0.17%

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