Inventory
info icon
Single family homes on the market. Updated weekly.Powered by Altos Research
722,032+456
30-yr Fixed Rate30-yr Fixed
info icon
30-Yr. Fixed Conforming. Updated hourly during market hours.
7.00%0.01
Investments

Wilbur Ross quits Ocwen Financial

Distressed asset investor bringing his magic to Bank of Cyprus

Wilbur Ross, the high-risk turnaround exec famous for charging into metaphoric burning buildings of European financial institutions, is leaving Ocwen Financial (OCN) and several other companies where he serves as a director.

Ross, chairman and chief strategy officer of WL Ross & Co., will be assuming the role of vice chairman of the troubled Bank of Cyprus, serving under the bank's newly elected chairman, Josef Ackermann, formerly CEO of Deutsche Bank.

"I am delighted to help Chairman Ackermann and President and CEO John Hourican revitalize this institution," Ross said.

EU rules limit directorships of bank officers, requiring that he resign from several other Boards of Directors, including Assured Guaranty Ltd., International Automotive Components Group, International Textile Group, NBNK Ltd., Navigator Holdings Ltd. and Talmer Bancorp Inc.

Ross, a distressed asset investor, has been involved in a number of high-dollar real estate deals and company restructurings over the past decade. In October 2012, Ocwen bought Homeward Residential from WL Ross & Co for $750 million.

Most Popular Articles

Latest Articles

Lower mortgage rates attracting more homebuyers 

An often misguided premise I see on social media is that lower mortgage rates are doing nothing for housing demand. That’s ok — very few people are looking at the data without an agenda. However, the point of this tracker is to show you evidence that lower rates have already changed housing data. So, let’s […]

3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please