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News Now

CU System
League advises state on foreclosure settlement funds
LANSING, Mich. (7/31/12)--During a work group with other financial industry and consumer advocacy representatives, the Michigan Credit Union League pressed state lawmakers tasked with distributing funds from a national mortgage settlement to focus on prevention and refinance assistance programs.

Michigan received $97.2 million as a result of the $25 billion settlement reached between state attorneys general and the country's five largest mortgage servicers due to improper lending and foreclosures (Michigan Monitor July 30).

Recommendations for distribution made by the league include:

  • Foreclosure counseling and legal aid for homeowners--$15 million;
  • Home affordable refinance program grants--$5 million;
  • Assistance to homebuyers--$15 million;
  • Blight elimination--$25 million;
  • Michigan State University extension foreclosure counseling--$5 million; and
  • Michigan housing and community development programs--more than $3.7 million.
Michigan's state Senate passed House Bill 5015 by a 31-6 vote and then returned it to the House where it was approved by a 100-3 vote. The bill had moved to the Senate in June as an empty vehicle measure to be used as the bill to appropriate the financial settlement fund money.

Senate Bill 1160 was then introduced by Sen. Tom Casperson (R-Escanaba) to set up the Homeowner Protection Fund to be administered by the Department of Treasury in consultation with the Department of the Attorney General. The bill's fund would receive the settlement funds and implement H.B. 5015. The bill was sent to the governor for signature into law.


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