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Nevadans May Be Eligible For Payments Under Mortgage Settlement

The state attorney general says about 1,000 Nevadans may be eligible for payments of several hundred dollars under a $45 million nationwide settlement involving a New Jersey-based mortgage lender. Attorney General Adam Laxalt announced Wednesday that the state also gets $390,000 for joining 49 other states and the District of Columbia in the case against PHH Mortgage Corp. Federal prosecutors alleged PHH violated standards for underwriting government-backed mortgages and submitted defective loans for government insurance. PHH says it settled without admitting liability to avoid the distraction and expense of litigation. Eligible homeowners are expected to be notified by mail in coming months. Those who lost homes to foreclosure from 2009 through 2012 may qualify for a minimum $840 payment. Those who faced foreclosure but didn't lose their home could get at least $285.