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Madigan Wants Foreclosure Help
(IRN) -- Illinois Attorney General Lisa Madigan says her office continues to push banks to help those facing foreclosure, and is demanding that those who were purposely deceived get restitution.

Madigan says banks must commit to making principal reductions to those who are under water with their mortgages. Many homes' market values are less than the balances on their mortgages.

"There is a way to modify people's loans so they can stay in their homes," Madigan said. "That requires principal reduction. That is the only way for us to make some people be able to stay in and save their homes."

Madigan says any settlement must include restitution to those who lost their homes to fraudulent practices. She says she is working with those at the federal level to come to a settlement outside of court, but Madigan says if her office must litigate, it will.

(Illinois Radio Network)
06 23 11 by Newsroom
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