AG: Illinois borrowers to receive $43.3 million in foreclosure settlement
SPRINGFIELD, Ill. - Illinois Attorney Lisa Madigan announced that about 30,000 Illinois borrowers will receive a total of $43.3 million this week as part of a national foreclosure settlement.
Madigan says the checks, which will average $1,480 each, will be mailed out this week.
The settlement money will be divided amongst borrowers who lost their homes to foreclosure between January 1, 2008 and December 31, 2011. The participating servicers include Ally (formerly GMAC), Bank of America, Citi, JPMorgan Chase and Wells Fargo.
A total of 49 states participated in the national settlement, which addressed allegations of widespread "robo-signing" of foreclosure documents as well as other alleged abuses.
“No amount of money will ever fully repair the damage done to families and their communities as a result of the banks’ fraudulent practices,” Madigan said. “But these payments are a critical part of our work to hold banks accountable for unfairly foreclosing on borrowers and bending the rules when they thought no one was looking.”