LANSING -- Gov. Rick Snyder recently signed legislation to help residents struggling with foreclosure.
Public Act 295 creates the Homeowner Protection Fund, which will receive $97.2 million from five major banks as part of a settlement with the Michigan attorney general's office. The Act appropriates the money to help prevent foreclosures, alleviate the effects of the crisis and prosecute foreclosure-related crimes.
Sen. Darwin Booher, R-Evart, joined Gov. Snyder at the Capitol as he signed the legislation. Booher, who is chair of the Senate Banking and Financial Institutions Committee, said mortgage fraud impacts entire communities and all taxpayers.
"This find is designed to help preserve the American dream of homeownership by assisting those families affected by fraud or unfair practices," Booher said. "It will also help prevent more families from losing their homes and builds on the mortgage fraud crackdown legislation we enacted last year."
For more information on the fund, click here.
