Alabama Mortgage Settlement

Alabamians will get more than $9 million from a national agreement with Atlanta-based Ocwen Financial Corp. The Consumer Financial Protection Bureau and state attorneys general announced the deal today. Regulators said Ocwen pushed borrowers into foreclosure through illegal actions, such as failing to accurately credit mortgage payments. Attorney General Luther Strange says Ocwen agreed to $2 billion in first-lien principal reduction, and $125 million for cash payments to borrowers on nearly 185,000 foreclosed loans. In Alabama, Ocwen will provide about 1,817 troubled borrowers with an estimated $9.4 million in first lien principal reductions. An undetermined number of Alabama homeowners whose loans have been foreclosed may be eligible for payments.


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