Attorney General Martha Coakley’s office will use proceeds from a discriminatory lending settlement with home lender Mortgage Master to help fund grants for nonprofits aimed at promoting asset building in low-income communities.

As part of the settlement, Walpole-based Mortgage Master – Massachusetts’ largest residential mortgage lender – agreed to pay restitution to affected borrowers and to provide funds to support consumer-oriented nonprofits in Massachusetts, according to a statement.

Up to four grants totaling $155,000 will be awarded to qualified organizations that provide consumer education and assistance pertaining to increasing household assets or savings, offer assistance relating to debt management, and/or promote investment, job development and small business opportunities, according to a statement.

"Our office has taken comprehensive measures to hold those responsible for the subprime lending fallout that has crippled the housing market and devastated countless homeowners," said Coakley. "We are pleased that these grants will provide assistance to those looking to pursue financial goals such as first-time homeownership, financing education or small business development."

Coakley’s office anticipates it will award two to four grants in the range of $25,000 to $75,000 each.