Schuette Joins 40 AGs In Foreclosure Settlement To Help Housing Crisis; Banks To Pay About A Half-Billion Dollars To Assist Michigan Citizens


LANSING, MI – February 9, 2012 – (RealEstateRama) — Michigan Attorney General Bill Schuette today announced Michigan will join at least 40 other states in a multi-billion dollar nationwide settlement with five of the nation’s largest banks/mortgage servicers in response to allegations of faulty foreclosure processes and poor servicing of mortgages that harmed Michigan homeowners. Schuette said that Michigan residents will receive approximately a half-billion dollars, including a $101 million fund provided directly to the State of Michigan. The settlement is anticipated to be the second-largest financial recovery ever achieved for affected citizens by attorneys general, with the 1998 Master Tobacco Settlement being the largest.

Previous articleAttorney General’s Office sues four foreclosure rescue companies
Next articleBono Mack Honored by Construction Industry for Support of Free Enterprise