Attorney General Lisa Madigan says federal officials can learn something from Illinois and 10 other states about how to help struggling homeowners.
Madigan's office and California officials negotiated a national $8.7 billion settlement over deceptive mortgage practices with Bank of America that will help tens of thousands of borrowers modify their risky loans.
For Illinois, Madigan said Monday that means about $185 million in loan modifications.
Madigan says the settlement's loan modification program is a model other lenders and the U.S. Treasury should look at to help homeowners.
Illinois initially sued California-based Countrywide Financial over its loans but settled with Bank of America because they acquired Countrywide this summer.
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