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AG Against Using Settlement Money on State Budget

IL Attorney Gen. Lisa Madigan
IL Attorney Gen. Lisa Madigan

Attorney General Lisa Madigan opposes using Illinois' money from a major mortgage settlement to help prop up the budget, an idea being considered in at least two neighboring states.

In addition to about $1 billion for consumers, Illinois government gets roughly $100 million from the settlement over foreclosure activities by some of the nation's biggest banks.  A Madigan spokeswoman says the attorney general decides how to use state government's share and she is firm on using it to help people in danger of losing their homes.  Gov. Pat Quinn's administration has also said the $100 million should be used to fight mortgage fraud.

Governors in Missouri and Wisconsin want to divert the money to other uses.

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