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 Local

Second Thoughts about Landfill Approval

Fresh
IEPA-logo

Toxic waste is an issue

in Local

$1 Billion for Road Construction

Fresh
pat-quinn

First big capital bill since Illinois Jobs Now! expired

in Local

High Poverty, Lower Mortality Rate Highlight Kids Count Report

Fresh
voices

The state is helping a little, Voices for Illinois Children says.

in Local

Gunman Prompts Lockdown of Rural Springfield Mobile Home Park

sangamon county sheriff

Sangamon County Sheriff's Deputies say a lockdown at the Lincoln Place Mobile Home park in unincorporated Springfield near Riverton has ended.

in Local

State Appellate Court Rules for FutureGen

coal

A state appellate court handed the FutureGen Alliance a big victory Tuesday.