New York Attorney General Letitia James announced a settlement with Caliber Home Loans Inc. that provides up to $17 million in mortgage loan forgiveness to current Caliber customers in New York who were placed into unfair, interest-only loan modifications by the company. The settlement will also provide added protection for Caliber’s New York customers in the future.
According to settlement, Caliber neither admits nor denies the attorney general's findings. The court filing adds that Caliber agreed to settling the violations "to avoid the time, expense, and distraction of litigation." Caliber representatives could not be reached for comment.