Judge signifcantly reduces PHH mortgage settlement

PHH previously had to pay $16M to Phillip Linza

In a significant change of events and in favor of PHH Corporation (PHH), a California judge sharply reduced the damages awarded by a jury in a case involving a complaint against the Mount Laurel mortgage firm. Per Courier-Post

A jury in July said PHH Corp. should pay more than $16 million to Phillip Linza, a homeowner who faced foreclosure when the company bungled his mortgage modification.

But Superior Court Judge Steven Berrier in Yuba County slashed the damages to $158,000, an attorney in the case said Thursday.

As reported in HousingWire in July, the case was unusal becuase of the sheer size of the settlement. The typical settlement is much lower. 

PHH vice president Dico Akseraylian said at the time that the servicer believed the verdict wasn't supported by the facts presented in the case or by applicable law, and that the jury award "is grossly disproportionate to any alleged damages."

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