DE To Get $7M In Mortgage Settlement - 47 ABC - Delmarva's Choice

DE To Get $7M In Mortgage Settlement

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WILMINGTON, Del. (AP) - Delaware borrowers will get $7 million as part of a settlement between Ocwen Financial Corp. and 49 states for loan servicing and foreclosure abuses.
    
Attorney General Beau Biden says $6.7 million will be provided to borrowers through mortgage principal reductions to current homeowners. About $350,000 will be paid to borrowers who lost their homes to foreclosure between Jan. 1, 2009 and Dec. 31, 2013.
    
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.

 

(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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