Va joins settlement in mortgage services matter

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Associated Press

Posted on December 19, 2013 at 4:00 PM

Updated Thursday, Dec 19 at 4:00 PM

RICHMOND, Va. (AP) — Virginia borrowers are set to receive about $33 million as part of a multi-state settlement with a Georgia-based mortgage services company over allegations of misconduct.

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

The Consumer Financial Protection Bureau and 49 state attorneys general announced the $2.1 billion deal Thursday with Ocwen Financial Corp. and its subsidiary, Ocwen Loan Servicing.

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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