LANSING (WWJ/AP) - Michigan says it expects to get $790 million as part of a landmark $25 billion settlement with the nation’s top mortgage lenders.
The office of Michigan’s attorney general announced Thursday that the estimate is up from the about $500 million it said Tuesday was expected for joining the settlement. The deal was reached over foreclosure abuses that occurred after the housing bubble burst.
Officials say 49 states joined the settlement with five of the nation’s biggest lenders. The deal will reduce loans for a fraction of those Americans who owe more than their homes are worth. It will also send checks to others who were improperly foreclosed upon.
“Everyone who has gone through and been victimized maybe by a loan that went bad or could be robo signing, and the fact is, what we are doing here in the state of Michigan is putting together a program with the legislature and the governor to help victims of the foreclosure crisis,” Attorney General Bill Schuette told WWJ.
Schuette said they will also set-up a “Homeowner Protection” fund to help struggling families, veterans and children left homeless because of foreclosure.
Read more about the settlement here.
TM and © Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. The Associated Press contributed to this report.