Business and Economics

Indiana Settlement Reached On Mortgage Lenders

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December 20, 2013 — By Brandon Smith, IPBS

 

A new settlement with one of the nation’s largest mortgage lenders will mean financial help for Hoosiers struggling to pay their mortgage and those whose houses were foreclosed.

Ocwen Financial Corporation reached a joint state and federal settlement worth two billion dollars, money that will be split between Indiana and 48 other states. More than 18 million dollars from the settlement with the nation’s fourth-largest mortgage servicer will go towards reducing the first-lien principals on Hoosier mortgages. And nearly three thousand Hoosiers whose homes were foreclosed will receive a cash payment worth more than a thousand dollars.

Indiana Attorney General Greg Zoeller says the settlement is the result of a massive civil law enforcement investigation.

 

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