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AG: Hotline available for settlement mortgage help

Published: Thursday, Aug. 21, 2014 11:30 a.m. CDT

CHICAGO (AP) — Attorney General Lisa Madigan says Illinois consumers who believe they were impacted by "shoddy" mortgages through Bank of America can call her office or the bank for help.

Madigan says that Illinois' share of a nearly $17 billion national settlement with Bank of America is about $300 million. One-third of that money will be used for consumer relief, including for those with mortgages and blight reduction.

An independent monitor will oversee the relief distribution.

The deal announced Thursday by the U.S. Justice Department stems from the bank's role in the sale of mortgage-backed securities in the run-up to the financial crisis.

The nearly $17 billion settlement is the largest deal the Justice Department has reached with a bank over the 2008 mortgage meltdown.

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Illinois Attorney General's Homeowner Helpline: 1-866-544-7151.

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