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

Chicago Lawyer Named to Monitor IDOT Hiring

Noelle Brennan

Noelle Brennan appointed to monitor hiring practices at IDOT.

in Local

Illinois Quarantine for Those Who Touched Ebola Patients

Quarantine

IDPH calls for 21 day quarantine for those exposed to Ebola virus.

in Local

Illinois GOP Unhappy About Counting of Absentee Ballots

voter

State GOP alleges law is not being followed in counting of absentee ballots.

in Local

Jacksonville Police Have “Person of Interest” in Shooting, No One in Custody

gun

Jacksonville Police say they have someone they want to interview in a shooting death from Friday morning.

in Local

Next Generation of Business Leaders Learn From an Internet Pro

computer

Dozens of area high school students spent their morning with a top executive in the social media world