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Some Mississippi residents eligible for mortgage settlement

The Mississippi attorney general’s office says about 270 state residents are eligible for payments from a settlement involving improper servicing of mortgage loans.

Attorney General Jim Hood’s office said Wednesday that Mississippians will receive notification in the mail in the next few months if they are eligible.

The money comes from a multimillion-dollar settlement with New Jersey-based mortgage lender PHH Mortgage Corporation.

Federal prosecutors alleged PHH violated standards for underwriting government-backed mortgages, submitting defective loans for government insurance. PHH says it settled without admitting liability to avoid the distraction and expense of litigation.

Hood’s office says borrowers subject to PHH foreclosures during the period from 2009 through 2012 qualify for a minimum $840 payment. Those who faced foreclosure but didn’t lose their home will get a minimum of $285.

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