Transcript: Illinois AG Lisa Madigan’s remarks on the $25 billion mortgage settlement


Illinois Attorney General Lisa Madigan commenting on the $25 billion multi-state mortgage settlement. SOURCE:

Remarks by Illinois Attorney General Lisa Madigan on the $25 billion housing settlement with the nation’s 5 largest mortgage servicers: 

“Today, we pick up another piece of the wreckage caused by the foreclosure crisis. As we’ve determined previously with salvage pieces of this crisis, the banks’ abuses in the mortgage servicing and foreclosure process were pervasive and preventable.

“Yet it took state and federal investigations and legal actions to stop these illegal, immoral, and often inhumane practices.

“The largest bank mortgage servicers deepened the despair for millions of homeowners and have stalled the recovery of the housing market.

“In Chicago, there are whole blocks of neighborhoods riddled with foreclosed homes and haunted by the lost opportunities of those who lived there.

“Know that this is neither the beginning nor the end of our work to hold banks and other institutions accountable for the destructions they’ve caused our families, communities, and country.

“Today’s settlement should serve as a warning to financial institutions. There are consequences for engaging in practices that jeopardize the stability of our communities and our economy. And state and federal governments remain committed to continuing our investigations and prosecutions of all the players in the marketplace who contributed to the housing and economic collapse.

“I would like to join my colleagues, my state AG colleagues, in thanking all of them for their hard work and participation. But specifically thanking our Assistant Attorneys General for all of their hard work that they have done day after day, week after week, month after month, during this investigation and negotiation.

“But not enough can be said about our federal partners – they have been absolutely incredible. They have stuck with us as have been mentioned. And so my great thanks to HUD Secretary [Shaun Donovan], to AG [Eric] Holder, and specifically to assistant Associate Attorney General Tom Perrelli. Thank you.”


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