March 14, 2016
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Tags: Funding: State & Local, Housing: Mortgage
Organizations mentioned/involved: Illinois Legal Aid Online (ILAO), Lawyers Trust Fund of Illinois (LTF)
The money is part of a settlement the U.S. Justice Department and several states reached with Bank of America over practices handling mortgage-backed securities during the nation’s subprime housing episode. Five other states have also received funding. The settlement involved $7 billion in consumer relief.
Mark Marquardt, executive director of the Lawyers Trust Fund, said his organization will disseminate the $13 million for Illinois through grants to nonprofit legal aid organizations that help individuals deal with foreclosure in Chicago and throughout the state. The legal problems do not have to date back to the nation’s subprime or foreclosure crisis that erupted around 2007, and renters in buildings going through foreclosure will also be able to get help.