The state of Michigan is expected to reap a half billion dollars from a settlement between 40 states and five of the nation’s largest mortgage lenders.
Michigan has been among the hardest hit states in the foreclosure crisis. The settlement will help homeowners who were in foreclosure between 2008 and 2011.
Bank of America, Ally Financial, Wells Fargo, J.P. Morgan Chase and Citigroup are the banks in the settlement. The deal will settle complaints the mortgage lenders wrongly foreclosed on borrowers and forged documents.