Michigan, hard-hit Detroit in line to share in $13 billion JP Morgan payout

Michigan, hard-hit Detroit in line to share in $13 billion JP Morgan payout | Detroit Free Press | freep.com: "Some $4 billion of the penalty will be in the form of relief to aid customers who suffered under the actions of JPMorgan, and Bear Stearns and Washington Mutual, which JPMorgan acquired during the height of the fiscal crisis.
The relief will come through programs such as loan modifications, principal forgiveness and blight-reduction efforts like those that are part of the U.S. Department of Housing and Urban Development’s Hardest Hit program.
Exactly how much of the money is expected to come Michigan’s way is unknown.

Five Michigan cities — including Detroit, Grand Rapids and Flint — have already received $100 million in federal grant money to help reduce blight under the third phase of HUD’s Neighborhood Stabilization Program."