Illinoisans Hit by Foreclosure Crisis Look to State
CHICAGO (AP) _ Attorney General Lisa Madigan says her office is distributing
$70 million to help Illinois communities hardest hit by the national foreclosure
Madigan spoke at a news conference Wednesday in Chicago.
She says the $70 million comes from Illinois’ share of a $25 billion national
settlement with the country’s five largest bank mortgage servicers. The banks
were accused of fraudulent practices during foreclosure proceedings including
“robo-signing.” That means having employees sign papers they haven’t read or
using fake signatures to speed foreclosures.
Madigan says the $70 million is “a down payment” to help families, boost the
housing market and stabilize communities.
An advisory council helped decide how to distribute the money. They recommended
funding 54 proposals from organizations statewide.