Attorney General Eric Schneiderman announced today that a national settlement for more than $2 billion has been reached with mortgage servicing giant Ocwen Financial Services. New York is expected to receive close to $300 million in first-lien principal reductions going to homeowners across the state.
This settlement brings hope to many Foreclosure Resisters (homeowners who attend Common Law’s weekly legal clinic) who now have loans being serviced by Ocwen. Winston and Norma Rose, for example, have owned their home in East New York, Brooklyn, since 1959. Ms. Rose, 75, said, “For five years now, we have lived in fear of losing the only home we’ve ever known. The anxiety and frustration had taken a toll on us. We are hopeful that Ocwen Loan Servicing will be able to put an end to this nightmare.”
To read the full press release from the New York State Office of the Attorney General, click here.
On September 20th, Common Law, the Foreclosure Resisters and supporters gathered together to celebrate as a community with great food, dancing, and personal testimonials.