Illinois Attorney General Lisa Madigan announced Wednesday her office will distribute $70 million to help communities around the state that are struggling with foreclosure.
The money will come from the state's portion of a $25 billion national settlement reached with the nation's five biggest bank mortgage servicers. The banks in question were accused of fraudulent foreclosure practices like having employees sign papers they had not read or using fake signatures to speed up the foreclosure process.
Madigan hopes the money will help boost the housing market, help families, and stabilize communities. An advisory council recommended using the money to fund 54 proposals sent in from organizations around the state.
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