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The Boston Globe

Business

Mass. got $850m in home loan aid

AG releases report on bank spending

Banks have spent more than $850 million in Massachusetts to settle government lawsuits over faulty lending practices that triggered the housing crisis, helping some 17,240 of the state’s homeowners reduce the amount of their loans or their interest rates in the past five years, according to a new report by Attorney General Martha Coakley.

The report, released Monday, is the first accounting of the 10 mortgage settlements that were designed to hold financial institutions accountable for risky subprime loans and keep Massachusetts residents from losing their homes after values plummeted, occupants lost their jobs, and loans with balloon rates suddenly came due.

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