LOVELAND MAGAZINE

News and Events from the Loveland, Ohio Area

Without fear or favor
Since 2004

Tag: compensation

  • DeWine, 49 Attorneys General Reach $45 Million Settlement with PHH Mortgage Corporation

    DeWine, 49 Attorneys General Reach $45 Million Settlement with PHH Mortgage Corporation

    Columbus, Ohio – Ohio Attorney General Mike DeWine, along with the attorneys general of 48 other states and the District of Columbia, has reached a $45 million settlement with New Jersey-based mortgage lender and servicer PHH Mortgage Corporation.

    The settlement, which also was joined by more than 40 state mortgage regulators, resolves allegations that PHH, a non-bank residential mortgage originator and servicer, improperly serviced mortgage loans between 2009 and 2012.

    “Mortgage servicing abuses harmed thousands of Ohioans and put numerous families into foreclosure,” said Attorney General DeWine. “This settlement continues our work to help affected borrowers receive compensation and to prevent further abusive conduct through new servicing standards.”

    Over $30 million of the settlement is designated for payments to affected borrowers, and about 2,000 Ohio borrowers are expected to qualify for payments totaling more than $1.2 million. 

    Borrowers who were subjected to PHH foreclosures during the eligible period will qualify for a minimum $840 payment, while eligible borrowers who faced PHH-initiated foreclosures but did not lose their home will qualify to receive a minimum $285 payment. A settlement administrator will contact eligible payment recipients at a later date.

    The agreement requires PHH to follow comprehensive mortgage servicing standards, conduct audits, and provide audit results to a committee of states. The settlement does not release PHH from liability for any conduct that may have occurred since 2013.

    The Ohio Attorney General’s Office was part of the executive committee that helped lead the investigation and negotiations, which resulted in the settlement.

    Participating in the settlement are the attorneys general of Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming, and the District of Columbia.

    The agreement, through a proposed consent judgment, is being filed in the U.S. District Court for the District of Columbia.

  • Claims now accepted for $586 million Western Union Fund for fraud victims

    Claims now accepted for $586 million Western Union Fund for fraud victims

    Columbus, Ohio – Ohio Attorney General Mike DeWine today announced that Ohioans who sent money to scammers using Western Union’s wire service may now apply for compensation from a $586 million fund held by the U.S. Department of Justice’s victim asset recovery program.  

    The fund is related to a multistate settlement Attorney General DeWine announced in January. 

    Consumers may be eligible to receive compensation if they sent a fraud-induced wire transfer through Western Union between Jan. 1, 2004, and Jan. 19, 2017.

    “It’s not often that scam victims have a chance to recover some of their money, so we want people to know about this opportunity,” Attorney General DeWine said. “If you think you’re eligible, file a claim.”   

    A settlement administrator is sending claim forms to over 500,000 consumers. Ohioans may receive a form in the mail if they reported to Western Union or to the Ohio Attorney General’s Office that they had been the victim of a scam using Western Union. The form will contain instructions on how to file a claim. 

    Consumers who do not receive a claim form but believe they may have a valid claim should visit www.WesternUnionRemission.com or call 844-319-2124 for details on filing a claim. 

    Completed claim forms must be submitted online or mailed back to the settlement administrator by Feb. 12, 2018.