breaking news

Fairgrounds get $50k to rebrand site as Champions Park

Ohio reaches $45M settlement with mortgage lender


The attorneys general of 49 states and Washington, D.C., reached a multi-million-dollar settlement with a mortgage lender accused of improperly servicing loans.

PHH Mortgage Corporation of New Jersey agreed to a $45-million settlement with the attorneys general of all but one state and more than 40 state mortgage regulators, according to a press release from Ohio Attorney General Mike DeWine’s office.

RELATED: Man tells police he accidentally shot himself, causing a car crash

DeWine, who is running for the Republican nomination for Ohio governor, was one of the 49 attorneys general PHH settled with.

More than $30 million of the settlement has been designated for payments to affected borrowers, and about 2,000 Ohio borrowers are expected to qualify for payments totaling more than $1.2 million, according to DeWine’s office.

Borrowers who were subjected to PHH foreclosures during the eligible period will qualify for a minimum $840 payment, while eligible borrowers who faced PHH-initiated foreclosures but did not lose their home will qualify to receive a minimum $285 payment, according to the Ohio AG.

RELATED: Ohio Auditor joins investigation of Wright State H-1B visa issues

Elligible recipients will be contacted by a settlement administrator.

“Mortgage servicing abuses harmed thousands of Ohioans and put numerous families into foreclosure,” DeWine said in a prepared statement. “This settlement continues our work to help affected borrowers receive compensation and to prevent further abusive conduct through new servicing standards.”



Reader Comments ...


Next Up in News

Ohio officials tell residents not to worry: We’re not Hawaii
Ohio officials tell residents not to worry: We’re not Hawaii

Breath easy Ohio: The type of panic that occurred from a false alarm about an imminent missile strike in Hawaii over the weekend wouldn’t likely happen here. If you have a cell phone that receives text messages, you will automatically receive any alerts sent over the emergency system to warn Ohioans of tornadoes, flash floods or even an incoming...
Fears grow as shutdown deadline nears
Fears grow as shutdown deadline nears

President Donald Trump and Congress appear to be careening toward a partial shutdown of the federal government, though lawmakers expressed some hope Tuesday they can at least approve a temporary spending bill that would keep the government running beyond the Friday deadline. It’s far from a sure bet, though, and there are growing fears the government...
Eyelashes freeze, thermometer breaks as -62°C temperatures hit world's coldest village
Eyelashes freeze, thermometer breaks as -62°C temperatures hit world's coldest village

As Americans continue to brave the winter weather, photos from a remote village in Russia might make them count their blessings that it’s not worse. According to the experts, Oymyakon in Siberia is the world’s coldest permanently inhabited area. Recent temperatures came in at a bone-chilling -62°C, or -79.6°F. In fact...
Flu outbreak forces an entire school district in Oklahoma to cancel classes for rest of week
Flu outbreak forces an entire school district in Oklahoma to cancel classes for rest of week

An entire Oklahoma school district canceled classes Wednesday through Friday after schools reported excessive flu absences among much of the staff. >> Read more trending news  Morris Public Schools said Monday's absences were at 20 percent, and Tuesday's were at more than 30 percent. Basketball teams will continue competition in the...
Washington State University quarterback Tyler Hilinski found dead with apparent self-inflicted gunshot wound
Washington State University quarterback Tyler Hilinski found dead with apparent self-inflicted gunshot wound

Police in Pullman, Washington, say officers have found Washington State University quarterback Tyler Hilinkski dead Tuesday in an apartment with an apparent self-inflicted gunshot wound.  At about 4:30 p.m., officers responded to an apartment to check on the welfare of a football player who did not show up for practice earlier in the day...
More Stories