Hood announces state foreclosure consortium

A consortium involving the state Attorney General’s office, legal services for the poor, money management consultants and the military has been formed to aid Mississippians hit by the foreclosure crisis.

Attorney General Jim Hood announced Monday that a portion of lawsuit settlement funds the state received as a result of a national settlement with the country’s five largest banks over allegations of fraud and abuse will be used to form the consortium.

The consortium, Hood said during a news conference, will work for a three-year period to provide counseling, legal advice and, in some cases, direct mortgage payment assistance.