LANSING –-After Attorney General Bill Schuette announced that Michigan would join 40 other states in the settlement with five major banks dealing with faulty foreclosure proceedings that took place from 2008 to 2011, Senate Banking and Financial Institutions Committee Chair Darwin Booher issued the following statement:
“I am excited to hear that Michigan will receive nearly $500 million as part of a settlement to help homeowners who were unfairly treated by major banks.
“We recognized this issue last year, and I was privileged to lead the effort to preserve the dream of owning a home by getting signed into law bipartisan reforms to specifically combat mortgage fraud in Michigan.
“Mortgage fraud impacts entire communities and all taxpayers. In response to mortgage fraud and stories of unfortunate victims like those is this case, we acted to stop individuals from taking advantage of hardworking Michigan families.
“During my 40 years as a banker in the private sector, I helped many families achieve the American dream of homeownership. I will continue to work to preserve that dream.”