ANNAPOLIS, Md. -- Maryland is projected to receive $85.7 million as part of an agreement between 49 states and Ocwen Financial Corp. for first lien principal reductions for distressed borrowers.
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.
Attorney General Doug Gansler has announced Maryland also will receive an additional payment projected to exceed $1,000 each for eligible Maryland borrowers whose homes have been foreclosed.
The agreement must be approved by a federal court in Washington.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.