Florida to get highest relief from $2B mortgage case
Floridians are expected to get the "highest principal reduction relief in the country," after the nation's largest non-bank mortgage loan servicer agreed to a $2.1 billion settlement to resolve misconduct allegations, Florida Attorney General Pam Bondi announced Thursday.
Ocwen Financial Corporation of Atlanta and its subsidiary, Ocwen Loan Servicing, agreed to the joint state-federal settlement with Bondi, 48 additional states, the District of Columbia, and the Consumer Financial Protection Bureau.
Florida’s anticipated share of the $2 billion in first lien principal reduction relief is the highest in the country with an estimated $342 million in relief for Floridians, Bondi said.
"The payment amount to each eligible borrower, which is contingent on the number of consumers who submit valid claims, is projected to exceed $1,000," according to the Florida Attorney General's office.
http://www.orlandosentinel.com/sfl-florida-highest-relief-mortgage-settlement-20131219,0,3549367.story