Hawaii joins $25B mortgage servicing settlement
HONOLULU—Hawaii has joined what's being called a landmark $25 billion federal-state agreement with the nation's five biggest mortgage servicers.
Hawaii Attorney General David Louie said Thursday the state is sharing in a settlement for foreclosure abuses and fraud committed by banks against homeowners.
Louie says this agreement is a good deal. He says it will give real relief and money to struggling Hawaii homeowners.
Officials say the state's estimated share of the settlement is $71 million. This includes about $8.2 million in relief funds for Hawaii homeowners.
The agreement also addresses reforms for future mortgage loan practices.