Md., Va. Receive Millions As Part Of Settlement With Mortgage Company | WAMU 88.5 - American University Radio

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Md., Va. Receive Millions As Part Of Settlement With Mortgage Company

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Maryland and Virginia are set to receive millions of dollars after a multi-state settlement with a mortgage services company over allegations of misconduct.

Regulators with the Consumer Financial Protection Bureau say Ocwen Financial Corporation pushed borrowers into foreclosure through illegal actions, such as failing to promptly and accurately credit mortgage payments.

In the $2 billion settlement with one of the nation's largest mortgage services, Virginia will recieve about $33 million and Maryland will get nearly $86 million.

Maryland Attorney General Doug Gansler says Maryland will also recieve additional money he expects will exceed $1,000 for each eligible Maryland borrower whose home has been foreclosed on.

Virginia Attorney General Ken Cuccinelli says the money will be provided to borrowers through mortgage principal reductions to current homeowners.

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