Mortgage settlements net Illinois nearly $1 billion
SPRINGFIELD-- The national foreclosure settlement has produced $779 million in relief for troubled Illinois homeowners.
The $25 billion settlement with the five biggest banks – Bank of America, Chase, Wells Fargo, Citibank and Ally Bank – over robo-signing transgressions is supposed to be worth $1 billion for Illinois. The $779 million figure is for the first six months of the settlement, according to the independent monitor.
Illinois Attorney General Lisa Madigan says this helps. “I know it’s making a difference. It’s keeping people in their homes who otherwise would not be, and then we would see a worse scenario in terms of the housing market and overall economy,” she said.
The benefits have accrued to 11,273 Illinois consumers, who have received on average $69,000 in benefits, including principal reduction and refinancing for underwater loans, putting Illinois among the top five states for relief directed to homeowners.
Madigan says the state is on track to receive its full $1 billion soon.
Illinois homeowners in need of help can contact the following organizations for guidance: