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Updated: 2:04 PM Feb 9, 2012
Illinois to get $1 Billion in Multi-State Mortgage Settlement
Attorney General Lisa Madigan's office says Illinois is expected to get $1 billion in a multi-state settlement with the nation's five largest bank mortgage servicers.
Posted: 10:50 AM Feb 9, 2012 |
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5 Comments 
CHICAGO (AP) -- Attorney General Lisa Madigan's office says Illinois is expected to get $1 billion in a multi-state settlement with the nation's five largest bank mortgage servicers.
Madigan's office says she'll join with attorneys general in other states and the federal government to announce the $25 billion settlement in Washington on Thursday.
The settlement involves allegations of widespread "robo-signing" of foreclosure documents and other fraudulent practices. Robo-signing is the practice of having employees sign papers they hadn't read or using fake signatures to speed foreclosures.
Madigan's office says the money will be used to help Illinois residents who've lost their homes, are at risk of defaulting on their mortgages or owe more than their homes are worth. The office says the settlement also will overhaul standards to prevent future abuses.
To find out if you qualify:
www.illinoisattorneygeneral.gov/consumers/bankforeclosuresettlement.html
Latest Comments
Fact of the matter is that more people were mis-lead by loan officers that get paid commission than people that out right lied to get a loan. I have worked around the real estate industry fo almost twenty years and it was a feeding frenzy of loan officers across this country. Lets also not forget that a certain President of this country to remain nameless(Oblabla)was part of an orginazation that forced banks throuh government action to lower the standards by which they borrow money. Yep folks thats right. Our president helped create this and now is trying to tell us how to fix it. If you vote for Oblabla your just stupid and that cannot be fixed.
Didn't we bail out the companies also.
The state is going to "help" people that lied to get a mortgage they could not afford! Ninety percent of these people are just plain stupid and played "keep up with the Jones" knowing they were over their heads. These billions from the banks will be passed on to us customers and I personally don't like paying for the stupidity of others. Nobody forced these people to buy houses they could not afford.
