N.H. borrowers to benefit in mortgage servicer case
Borrowers in New Hampshire will receive about $6 million in loan balance reductions as part of a national agreement between one of the largest U.S. mortgage servicers and 49 states over foreclosure abuses.
The Consumer Financial Protection Bureau and state attorneys general announced a $2 billion deal Thursday with Atlanta-based Ocwen Financial Corp. The regulators said Ocwen pushed borrowers into foreclosure through illegal actions, such as failing to promptly and accurately credit mortgage payments.
In addition to the loan reductions in New Hampshire, 1,169 loans will be eligible to receive a cash payment. The payment amount, which is contingent on the number of consumers who submit valid claims, is projected to exceed $1,000.