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Eye On Boise

Idaho helped pursue company whose mortgage practices hurt homeowners

More than 200 people in Idaho who borrowed money to buy homes will benefit from a combined $112,590 from a settlement with New Jersey-based mortgage company PHH Mortgage Corp, the Idaho Statesman reports. Idaho and almost every other state had accused PHH of “premature and unauthorized foreclosures, violation of homeowners’ rights and protections, and the use of false and deceptive affidavits and other documents” throughout the years of 2009 to 2012.

The states and PHH reached a $45 million settlement to resolve those claims. About $30 million will go to borrowers, and the rest will go to state attorneys general and state mortgage regulators. Idaho Attorney General Lawrence Wasden announced the settlement today. In Idaho, 94 borrowers who lost their homes to foreclosure will each receive at least $840 from the settlement, Wasden said. Another 118 borrowers who faced foreclosure but kept their homes will receive at least $285 each. Wasden said eligible borrowers will be contacted by a settlement administrator. You can read a full report here from Statesman reporter Audrey Dutton.

Betsy Z. Russell
Betsy Z. Russell joined The Spokesman-Review in 1991. She currently is a reporter in the Boise Bureau covering Idaho state government and politics, and other news from Idaho's state capital.

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