How to spend Michigan's $97 million mortgage settlement - ABC 12 – WJRT – Flint, MI

How to spend Michigan's $97 million mortgage settlement

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(07/19/12) - State lawmakers approved, Wednesday, a plan to spend $97 million from a mortgage settlement with the nation's five biggest banks.

Michigan is actually only one of 49 states involved in the $25 billion settlement. Residents are expected to see about $780 million in benefits. Most of that is allocated for victims of faulty foreclosures, but $97 million will be paid directly to the state.

Among the biggest slices of the pie: $25 for blight elimination across the state and $20 million to the Michigan State Housing Development Authority to pay for free foreclosure counseling.

You can read the full text of the bill HERE.

Anyone who went through a foreclosure with one of the participating banks from 2008-2011 can find out if they are eligible for cash payments by clicking HERE.

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