Central Mass. Shares In Foreclosure Settlement
Three Central Massachusetts communities and a Worcester organization that advocates for affordable housing will benefit from more than $19 million in grants to help ease the impact of foreclosures and aid distressed neighborhoods, Attorney General Martha Coakley announced this week.
Worcester Community Housing Resources Inc., which helps boost affordable housing and neighborhood revitalization in the Greater Worcester area, will receive $275,000. Also, the City of Fitchburg will receive $225,000 while the towns of Athol ($150,000) and North Brookfield ($20,000) will also benefit.
The money comes from a nationwide settlement with the five largest mortgage servicers in the United States and their connection with what Coakley's office called unlawful foreclosures and loan servicing. Massachusetts received $44.5 million as part of the settlement with Bank of America, JP Morgan Chase, Wells Fargo, Citigroup and GMAC/Ally, according to a statement from the attorney general's office.
"Our economy will never fully recover until we address the impact of the foreclosure crisis," Coakley said. The grants are designed "to provide direct assistance to distressed borrowers and avoid unnecessary foreclosures, and the work of these organizations receiving these funds is a critical component of those efforts."
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