Alright! Our great state of Michigan is scoring $790 million as part of a settlement with mortgage lenders. All told, 40 other states are getting $26 billion in response to allegations of faulty foreclosure processes, robo-signing and poor mortgage servicing that contributed to the national housing crisis. According to MLive, the state is expected to use the settlement to help residents impacted by foreclosures through cash payments and a refinancing program for "underwater" homeowners. Schuette is proposing a $101 million state fund to offer foreclosure counseling, restitution for victims of foreclosure scams, cash payments, veterans assistance and aid for children left homeless. [MLive]
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