Business

Mass. homeowners to get $3 million in settlement

Massachusetts homeowners will receive $3 million in a settlement with the country’s fourth-biggest mortgage servicer, Attorney General Martha Coakley said Monday.

Coakley’s office said Ocwen Loan Servicing LLC, of Atlanta, unlawfully foreclosed on certain properties and failed to send notices to homeowners in default, as required by state law. A company owned by Ocwen, Litton Home Servicing LP, also initiated foreclosures on some properties though it did not hold the mortgages on them, Coakley alleged.

Advertisement

“This agreement provides for direct relief for affected borrowers and requires that Ocwen undertake efforts to repair problem titles in the Commonwealth,” Coakley said in a news release.

Her office did not say how many homeowners would get payments. The company will pay a $700,000 penalty to the state.

Get Talking Points in your inbox:
An afternoon recap of the day’s most important business news, delivered weekdays.
Thank you for signing up! Sign up for more newsletters here

In December, Ocwen agreed to give homeowners in Massachusetts about $80 million in mortgage-principal reductions and cash as part of a national $2.1 billion settlement. That case involved loan servicing misconduct and illegal foreclosures.

Ocwen officials could not be reached for comment.

Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
You're reading  1 of 5 free articles.
Get UNLIMITED access for only 99¢ per week Subscribe Now >
You're reading1 of 5 free articles.Keep scrolling to see more articles recomended for you Subscribe now
We hope you've enjoyed your 5 free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com