Arizona Gets $20.7 Million In Mortgage Settlement

By Stina Sieg
Published: Thursday, December 19, 2013 - 5:34pm

Tens of millions of dollars are coming to Arizona borrowers as part of a settlement with Ocwen Financial Corporation. Arizona was one of 49 states, plus the District of Columbia, that took part in the lawsuit, and it is getting $20.7 million in return.

More than 10,000 Ocwen customers across the state could receive at least $1,000. Arizona Attorney General Tom Horne said the Atlanta-based mortgage company is paying for unfair practices, like premature and unauthorized foreclosures.

"It’s bringing in a lot of money to Arizona," Horne said. "It’s good for our economy. It helps to stabilize our real estate market and help the house prices go back up, which is where a lot of people’s only savings are, in their house."

Horne said Ocwen customers who think they might be eligible for compensation should contact the company first, but he added that if they are not satisfied, they can call his office. This is “round two" in holding mortgage companies accountable, Horne said. Over the summer, Arizona reached a settlement for nearly $2 billion with the nation’s five biggest loan servicers. 

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