News

Illinois to Receive $84 Million in Subprime Mortgage Settlement

Illinois to Receive $84 Million in Subprime Mortgage Settlement

Photo: Newsradio WTAX

Illinois’ share of a settlement with one of the country’s largest banks will be $84 million.

That’s part of the $7 billion the bank is paying for its role in marketing and selling risky mortgage-backed securities leading up to 2008 financial crisis. Several public pension funds, including the Illinois Teachers Retirement System and the State Employees’ Retirement System, will able to recoup losses from those investments.

“This will be $44 million to the pension funds,” Illinois Attorney General Lisa Madigan said, “so it is a help, but it does not fully eliminate the unfunded liability.”

Madigan says the remaining $40 million will go to consumer assistance programs, including blight reduction in areas with large numbers of foreclosed homes.

Recent Headlines

in Election 2014, Local

Oberweis Curries Coal Favor

Fresh
oberweis

Disses Durbin's dependability

in Local

Police Investigate Southtown Shooting; Accident at Dirksen & South Grand

accident_southgrand

Springfield Police are investigating a couple of east side incidents they say might be related.

in Local

Bel-Aire Motel a “Chronic Nuisance?” Not Necessarily.

BEL-AIRE

Slapping the Bel-Aire Motel with "chronic nuisance" violations could be easier said than done.

in Local

Bomb Squad Investigation into Springfield IED Begins

bomb-squad

The Secretary of State Police Bomb Squad has a daunting task on its hands -- gather information about a pipe bomb it nearly destroyed to prevent it from exploding.

in Local

Standoff Near Pana Injures Police Officer; Kills Gunman

pana_standoff_1

Several law enforcement agencies responded to what was a standoff near Pana in rural Christian County.