March , 2019

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Settlement Funding Supports Direct Homeowner Relief, Awards for Foreclosure Prevention and Community Revitalization Programs

CHICAGO, IL — Illinois Attorney General Madigan reported Illinois homeowners and assistance organizations have received more than $2 billion in total relief under the national foreclosure settlement, according to results in the latest progress report by the settlement’s independent monitor.    
As of June 2013, Madigan said, 26,251 Illinois consumers have received approximately $1.88 billion in direct relief under the settlement, with an average of $71,600 in direct assistance per borrower, through principal reductions and refinancing for underwater loans. Significantly, of those receiving assistance in Illinois, more than 3,600 homeowners received first-lien principal reductions averaging $116,557.
In addition to the direct relief to borrowers who are underwater or behind on their loans, nearly 30,000 Illinois borrowers whose mortgages were serviced by the settlement’s five banks but later lost their homes to foreclosure will receive $43.3 million in relief payments under the settlement. Finally, Madigan said, approximately $95 million in settlement funding has been distributed to organizations in Illinois committed to foreclosure prevention and community revitalization.
“The national foreclosure settlement has brought many forms of assistance to Illinois homeowners who continue to struggle in the wake of the foreclosure crisis,” Madigan said. “Whether through loan refinancing for borrowers, assistance for those who lost their homes or funding for organizations seeking to renovate vacant properties, we are working on many fronts to restore communities devastated by this crisis.”
 The funding stems from the $25 billion national settlement announced last year by Madigan, 48 states and the U.S. Department of Justice with the nation’s five largest bank mortgage servicers – Bank of America, JPMorgan Chase, Wells Fargo, Citibank and Ally Bank, formerly GMAC – to address allegations of widespread “robo-signing” of foreclosure documents and other fraudulent practices banks employed while servicing loans of struggling homeowners.
For homeowners with more questions about the national settlement, they should contact Madigan’s Homeowner’s Helpline at 866-544-7151, or visit her website, www.illinoisattorneygeneral.gov/consumers/bankforeclosuresettlement.html. Borrowers also can visit www.NationalForeclosureSettlement.com.
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Welcome to CopyLine Magazine! The first issue of CopyLine Magazine was published in November, 1990, by Editor & Publisher Juanita Bratcher. CopyLine’s main focus is on the political arena – to inform our readers and analyze many of the pressing issues of the day - controversial or otherwise. Our objectives are clear – to keep you abreast of political happenings and maneuvering in the political arena, by reporting and providing provocative commentaries on various issues. For more about CopyLine Magazine, CopyLine Blog, and CopyLine Television/Video, please visit juanitabratcher.com, copylinemagazine.com, and oneononetelevision.com. Bratcher has been a News/Reporter, Author, Publisher, and Journalist for 33 years. She is the author of six books, including “Harold: The Making of a Big City Mayor” (Harold Washington), Chicago’s first African-American mayor; and “Beyond the Boardroom: Empowering a New Generation of Leaders,” about John Herman Stroger, Jr., the first African-American elected President of the Cook County Board. Bratcher is also a Poet/Songwriter, with 17 records – produced by HillTop Records of Hollywood, California. Juanita Bratcher Publisher

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