Arizona to get $20.7M in mortgage settlement

Arizona to get $20.7 million in compensation under national settlement with finance company

Associated Press

PHOENIX (AP) -- Arizona borrowers will get nearly $21 million as part of a settlement between Ocwen Financial Corp. and 49 states and the District of Columbia for loan servicing and foreclosure abuses.

Arizona Attorney General Tom Horne says $20.7 million will be provided to borrowers through mortgage principal reductions to current homeowners.

More than 10,000 people across Arizona could receive at least $1,000 in compensation.

The Consumer Financial Protection Bureau and state attorneys general announced the $2 billion deal Thursday with the Atlanta-based company, one of the largest U.S. mortgage servicers.

The regulators said Ocwen pushed borrowers into foreclosure through illegal actions, such as failing to promptly and accurately credit mortgage payments.

Rates

View Comments (0)