Focus foreclosure settlement funds on intended purpose

by Neeta Delaney, for Detroit Free Press
Thursday, May 17th, 2012

Despite a number of predictions that 2012 may see record numbers of foreclosures after the worst foreclosure crisis since the Great Depression, politicians and other interests have their eyes on Michigan's $97-million share of the recent National Mortgage Servicer Settlement.

As Michigan legislators deliberate how to spend these precious resources, they should focus on the intended use of the money to address the foreclosure crisis in our state, where it is desperately needed.

The $25-billion national settlement between the state attorneys general and the nation's five leading bank mortgage servicers -- Bank of America, Citibank, JP Morgan Chase, Wells Fargo and Ally -- is a result of a lawsuit brought against these servicers for shoddy, unfair and illegal foreclosure servicing activities....