$49M in principal mortgage reductions for struggling homeowners and $1,000+ cash payments to eligible foreclosed borrowers in Washington state   Tougher mortgage servicing standards hold Ocwen accountable for past practices, ensure fundamental servicing reforms   SEATTLE — Ocwen Financial Corporation of Atlanta, Georgia, and its subsidiary, Ocwen Loan Servicing, have agreed to a joint state-federal settlement with Attorney General Bob Ferguson, 48 additional states and the District of Columbia, and the federal Consumer Financial Protection Bureau (CFPB).

16,377 Washington state borrowers received relief Attorney General Bob Ferguson announced that the five banks covered under the National Mortgage Settlement have reported providing over $1.2 billion dollars in consumer relief to Washington homeowners. As of June 30, 2013, according to the unaudited bank reports, 16,377 Washington state borrowers have received an average of $74,763 in consumer relief. This relief includes debt reduction loan modifications on first and second mortgages, lower interest rates on underwater mortgages, and transitional assistance for those unable to remain in their homes.

Attorney General Bob Ferguson said the latest report by the national monitor on the progress of five servicers subject to the National Mortgage Settlement shows success, but much work remains.

In the year since state Attorneys General and the federal government reached a historic consumer protection settlement with the nation’s five largest banks, the banks report they have provided nearly $46 billion in gross relief to more than 550,000 borrowers, according to an independent monitor’s report released this morning.