Chicago, IL – October 18, 2012 – (RealEstateRama) — Attorney General Lisa Madigan today announced a senior attorney in her office was honored by U.S. Attorney General Eric Holder for her leadership in securing a landmark $25 billion national settlement to help struggling homeowners.
Madigan’s Consumer Protection Division Chief Deborah A. Hagan was awarded a Distinguished Service Award at the 60th Annual Attorney General’s Awards Ceremony in Washington, D.C. Hagan was honored for her work on behalf of Madigan’s office in obtaining the $25 billion settlement reached earlier this year with 49 states and the U.S. Department of Justice. The settlement with the nation’s top five mortgage servicers stemmed from allegations of widespread “robo-signing” of documents and other fraudulent practices during thousands of foreclosure proceedings.
“With her extraordinary expertise and experience, Debby is regarded as one of the top consumer protection lawyers in the country. She is a tremendous public servant and a tireless advocate on behalf of consumers. Throughout the negotiations over this settlement, she fought relentlessly to ensure that Illinois homeowners receive the relief and protections they deserve,” Attorney General Madigan said. “This honor could not go to a more deserving person.”
In Illinois, the settlement will provide more than $1 billion in direct relief to assist those who have lost their homes, are underwater or at imminent risk of defaulting on their mortgages. The settlement will also completely overhaul mortgage servicing standards to prevent future abuses by lenders that many consumers have faced while trying to save their homes and during the foreclosure process.
“This year’s award recipients have made significant contributions across, and far beyond, the Department of Justice and helped to protect the rights, safety and best interests of the citizens we are privileged to serve,” said Attorney General Holder. “I am grateful for the dedication and passion that these extraordinary public servants bring to their work, and I am honored to count them as colleagues.”
Hagan, a Springfield resident, has served as Madigan’s Consumer Protection Division Chief for eight years and served in the Illinois Attorney General’s Office since 1982. Hagan holds a Bachelor of Arts degree in Political Science from Miami University of Ohio and a law degree from the University of Dayton. Hagan was assisted in the investigation and settlement negotiations by Assistant Attorneys General Vaishali Rao, Susan Ellis, Tom James, Steve Wrone, Paige Boggs, and Andrew Dougherty, all members of Madigan’s Consumer Protection Division.