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.

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