Michigan Part Of Home Foreclosure Settlement

LANSING (WWJ) - Michigan is receiving millions of dollars as part of a settlement with several of the nation's largest banks.  The settlement comes in response to allegations of faulty foreclosure processes that affected thousands of Michigan homeowners.

Talking to WWJ's Stephanie Davis, State Attorney General Bill Schuette said the settlement will help those that have been harmed by the foreclosure crisis.

"It means more than a half a billion dollars to Michigan and this is a result of Michigan joining with in a multi-state national effort to resolve the housing crisis in our country," said Schuette.

There are some who will receive a payment from the settlement and Schuette says that there will be more information to address who is eligible and how to apply.

"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," Schuette said.

Schuette who says 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.