Relevant:
- States divert foreclosure prevention money to demolitions
- Michigan AG questions banks compliance with national mortgage settlement
- BofA offers 30,000 borrowers $4.75 billion in principal reductions
- $25B deal with banks over deceptive foreclosure practices sent to AGs as settlement nears
- 1,100 borrowers to receive max $125,000 payment in foreclosure settlement
2013-06-10 — freep.com
``Michigan is supposed to receive about $1.1 billion in benefits from the mortgage settlement. Just under $900 million of that amount is to come in the form of loan modifications, loan principal reductions, short sales or similar measures to help homeowners in the state, according to Schuette‘s office.
The mortgage servicers made a $97-million direct payment to the state last year that went into a Homeowner Protection Fund. That money goes to eight initiatives, including foreclosure prevention counseling, home-buying grants and blighted property demolition.''
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