Illinois will receive a $52.5 million share of a multi-state settlement with Standard & Poor’s over allegations that the credit ratings agency knowingly inflated ratings of risky mortgage investments that sparked the financial crisis of 2008, Attorney General Lisa Madigan announced Tuesday.
Illinois is set to receive a $300 million share of a record $16.7 billion nationwide settlement with Bank of America, over allegations of financial misconduct that helped lead to the 2008 financial crisis.
The deal announced Thursday by the U.S. Justice Department stems from the bank’s role in the sale of mortgage-backed securities in the run-up to the financial crisis.
CBS 2’s Bill Kurtis reports how Tom Roeser, using good old capitalism, has been leading the charge to revitalize a struggling town.
Illinois and local officials will be available Saturday for residents of the Little Village and Pilsen neighborhoods of Chicago to discuss the mortgage crisis.
The gloves have come off in the race for Mayor, with the rest of the field setting its sights on frontrunner Rahm Emanuel, attacking his “luxury services” tax proposal and his ties to mortgage giant Freddie Mac.