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Updated Dec 19, 2013 - 3:04 pm

Arizona to get $21M in mortgage settlement

PHOENIX — Arizona borrowers will get nearly $21 million as part of a
settlement between Ocwen Financial Corp. and 49 states and the District of
Columbia for loan servicing and foreclosure abuses.

Arizona Attorney General Tom Horne said $20.7 million will be provided to
borrowers through mortgage principal reductions to current homeowners.

More than 10,000 people across Arizona could receive at least $1,000 in
compensation.

The Consumer Financial Protection Bureau and state attorneys general announced
the $2 billion deal Thursday with the Atlanta-based company, one of the largest
U.S. mortgage servicers.

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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