ATTORNEY GENERAL TONG ANNOUNCES $86.3 MILLION SETTLEMENT WITH MORTGAGE SERVICER NATIONSTAR
Hartford, CT) -- Attorney General William Tong joined with 50 other attorneys general and other federal and state agencies today announcing an $86.3 million settlement with Nationstar Mortgage. Nationstar is the country’s fourth-largest mortgage servicer. The consent judgment resolves allegations that Nationstar, which does business as “Mr. Cooper,” violated consumer protection laws during its servicing of mortgage loans. The settlement provides restitution for a variety of harms that were identified in the investigation. Thousands of borrowers had problems when their loans were transferred to Nationstar, leading to foreclosure in some circumstances. “This settlement requires direct payments to Connecticut borrowers who suffered grave financial strain as a result of Nationstar’s unacceptable misconduct. Nationstar grossly mishandled thousands of loans across the country--…