Mortgage Settlement to Stop Foreclosures

HELENA, Mont. (AP) — Attorney General Steve Bullock says that the state's share of mortgage settlement money will be spent on foreclosure prevention.

Montana received $5.8 million as part of a national settlement with large mortgage companies over foreclosure abuses and fraud. Bullock says greed and rampant abuse by Wall Street and the so-called 'too big to fail' banks hurt millions of homeowners.

Bullock said Wednesday that $3 million will be used to hire more counselors at NeighborWorks Montana to help ensure that everyone who is eligible to receive a loan modification or other assistance gets the relief they deserve.

Homeowners can contact either the Attorney General's office or local housing counselors.

Other portions of the money will provide legal representation to embattled homeowners and to prosecute financial fraud.

Bullock announced the foreclosure prevention program in Bozeman.