Wisconsin Expected to Receive $31 Million From National Settlement
MADISON – Rep. Leon D. Young (D-Milwaukee) today called on Attorney General JB Van Hollen to give the city of Milwaukee due consideration when allocating funds received from a settlement between the nation’s leading mortgage lenders and the state.
“The foreclosure crisis has had a disproportionate impact on Milwaukee in relation to other communities in the state. I ask that Attorney General Van Hollen bear this in mind when distributing funds,” said Rep. Young
A proposed $25 billion settlement between Bank of America, Citibank, Wells Fargo, JPMorgan Chase, and Ally mortgage lenders and 40 states is reportedly close to being finalized. It is estimated that Wisconsin will receive approximately $31 million of the settlement.
“Through programs such as the Milwaukee Foreclosure Mediation Program, the Milwaukee Foreclosure Partnership Initiative, and other community partnerships the city has successfully instituted programs to help stem the tide of foreclosure related problems in the city. This proven track record, combined with the extensive number of properties affected, indicates that Milwaukee is deserving of a majority of these funds,” added Rep. Young.
Since 2008, over 20,000 foreclosures have been initiated in Milwaukee leading to over 4,800 vacant properties.