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$1B Headed to Illinois to Help Foreclosure Victims

Published Jun 14, 2012 at 03:35 - Nbcchicago

Roughly $1 billion is expected to go to homeowners in Illinois who have been harmed by fraudulent foreclosure and mortgage servicing practices, Illinois Attorney Lisa Madigan said Wednesday.

The money will be used to offer principal reductions and refinancing options for borrowers who are underwater -- those who owe more on their home than what it's worth, she said.

The $1 billion is just a portion of the full $25 billion garnered in a settlement the U.S. Department of Justice and the U.S. Department of Housing and Urban Development worked out with some of the nation's largest banks.

More information: Nbcchicago