George Ellison, who has served as the CEO of Altisource Residential Corporation (RESI) since taking over for the company’s original CEO, Ashish Pandey in June, is now a member of the company’s board of directors as well.
Altisource made the announcement in a Thursday filing with the Securities and Exchange Commission.
According to the 8-K, Altisource Residential increased the size of its board from four to five to add Ellison.
Ellison joined the company in February 2015 to serve as Altisource Residential’s president.
Ellison also serves as the CEO of Altisource Asset Management Corporation (AAMC), which, according to the company's website, exists solely to provide “portfolio management and corporate governance services” to Altisource Residential.
When Pandey stepped down in June, Ellison was elevated to chairman of the board of directors of Altisource Asset Management to replace him.
Ellison joined Altisource Asset Management in February from Bank of America (BAC).
During his 19 years at Bank of America, Ellison held several executive roles. Most recently, Ellison was the executive leading the team that managed the valuation and disposition of Bank of America's legacy mortgage loan portfolio.
Ellison was also a leading member of Bank of America's Special Initiatives team that worked to resolve Bank of America's representation and warranty litigation.
While at Bank of America, Ellison was a named defendant in a lawsuit brought by the Federal Housing Finance Agency against Bank of America over claims that the bank sold toxic mortgages to Fannie Mae and Freddie Mac from 2005 to 2007.
That lawsuit was settled in March 2014 for $9.33 billion.
Under the agreement, Bank of America was to pay Fannie Mae $4.4 billion to satisfy all claims and buyback private label securities from Fannie with an unpaid principal balance of approximately $1.9 billion.
Meanwhile, Bank of America was also to pay Freddie Mac $5.1 billion.
According to the FHFA, the settlement agreement provides for an aggregate payment of approximately $9.33 billion by Bank of America that includes the litigation resolution as well as a purchase of securities by Bank of America from Fannie Mae and Freddie Mac.
Click here to view the settlement agreement between Bank of America and the FHFA.
According to Altisource Residential’s SEC filing, Ellison will serve as a director of the company until the company’s 2016 annual meeting of stockholders and/or until his successor is duly elected and qualified.
