Some Ohio homeowners who faced foreclosures during the Great Recession will get some relief through a $45 million settlement with a New Jersey-based mortgage lender.
Ohio joined 48 other states and the District of Columbia in suing PHH Mortgage Corporation for improperly servicing mortgage loans between 2009 and 2012.
PHH will pay over $30 million of the settlement to affected home borrowers. About 2,000 Ohioans could qualify for payments that total more than $1.2 million.
Borrowers who lost their homes due to PHH foreclosures will qualify for a minimum payment of $840. Those who faced foreclosures but did not lose their homes will quality for at least $285.
The agreement requires PHH to follow comprehensive mortgage servicing standards, conduct audits and provide audit results to a committee of states.