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Illinois to get $300 Million in BOA Settlement

Illinois to get $300 Million in BOA Settlement

Photo: Newsradio WTAX

Attorney General Lisa Madigan says Illinois consumers who believe they were impacted by “shoddy” mortgages through Bank of America can call her office or the bank for help.

Madigan says that Illinois’ share of the settlement is about $300 million. One-third of that money will be used for consumer relief, including for those with mortgages and blight reduction. An independent monitor will oversee the relief distribution.

The deal stems from the bank’s role in the sale of mortgage-backed securities in the run-up to the 2008 financial crisis.

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