Jan 1, 2018
This week I announced a $45 million settlement with one of the larger non-depository mortgage servicers active during the housing crisis. This massive multistate agreement with PHH Mortgage Corporation is the ninth mortgage servicing settlement my office reached since 2012. As part of the settlement, Floridians will receive an estimated $2.8 million in cash payments.
The settlement resolves allegations of PHH’s servicing misconduct during the housing crisis. According to the complaint filed by my office, 48 other state attorneys general and the District of Columbia, PHH threatened foreclosure and conveyed conflicting messages to borrowers engaged in loss mitigation. In addition to other misconduct, PHH also allegedly charged unauthorized fees for default-related services
This settlement follows national settlements with the mortgage servicing entities of Bank of America, Chase, Citi, Wells, GMAC/Ally, Ocwen, HSBC and Suntrust. Including this week’s settlement, the nine agreements are resulting in more than $142 million in payments to Floridians harmed during the housing crisis.
Floridians were hit hard by the national foreclosure crisis. To ensure borrowers received the help they needed, our office helped lead nationwide efforts to hold banks accountable for foreclosure abuses and unacceptable mortgage servicing practices. This historical joint federal-state effort resulted in the national mortgage settlement of more than $25 billion.
I will continue to work tirelessly to protect Florida borrowers and hold lenders accountable.
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