Aurora Pays $5.3M To End Calif. Mortgage Modification Suit
By Andrew Scurria (May 16, 2014, 2:27 PM EDT) -- Fallen subprime lending titan Aurora Loan Services LLC will pay $5.3 million to resolve a class action alleging it used deceptive mortgage forbearance agreements to extract unearned payments from distressed California borrowers, according to settlement papers filed Thursday.
The settlement fund will compensate more than 15,000 mortgagors in California who entered into so-called workout agreements for curing their loan defaults and were later foreclosed on. The $5.3 million payment includes the plaintiffs' attorneys' fees and will be distributed to class members on a pro rata basis, with no funds reverting to Aurora, the settlement said.
The deal resolved accusations that Aurora...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!