In Kentucky, 548 borrowers are eligible for a payment:
A total of 300 who lost their property – 66 Kentuckians in 2009; 80 Kentuckians in 2010; 97 Kentuckians in 2011; and 57 Kentuckians in 2012. These Kentuckians will qualify for a minimum $840 payment from the settlement.
A total of 248 whose foreclosures had not been finalized – 28 Kentuckians in 2009; 55 Kentuckians in 2010; 62 Kentuckians in 2011; and 103 Kentuckians in 2012. These Kentuckians will receive a minimum $285 payment.
A settlement administrator on the case will contact Kentuckians eligible for payments.
The settlement requires PHH to adhere to comprehensive mortgage servicing standards, conduct audits and provide audit results to a committee of states.
The settlement does not release PHH from liability for conduct that occurred beginning in 2013.
“As Attorney General, I am committed to protecting Kentucky families,” Beshear said. “This settlement holds PHH accountable for its past abusive practices, and it provides some relief to Kentuckians. Tough standards will also require PHH to treat people fairly in the future.”