Lisa Madigan: $20M from foreclose settlement goes to homeowners

Source: Chicago Tribune

April 19, 2012 @ 9:05 AM

Lisa Madigan
Lisa Madigan

The $20 million Illinois received as part of the national foreclosure settlement will go to aid state residents affected by the housing crisis, says Attorney General Lisa Madigan. 

Madigan says the money will go to legal assistance programs that provide access to the justice system for homeowners and renters. The AG says working to help struggling families stay in their homes will result in a "domino effect" for the economy in Illinois.

The $26 billion forecloseure settlement, approved earlier this month by a federal judge, is resolves a case that pitted 49 states against the nation's five biggest mortgage lenders, Bank of America, Citibank, JPMorgan Chase, Wells Fargo, and Ally Financial. 

The banks were accused of 'robo-signing,' in which bank employees filed hundreds of court documents a day vouching for facts that they had little or no knowledge of.

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