National Foreclosure Settlement: Several States Using Funds From Deal To Close Budget Gaps

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National Foreclosure Settlement: Several States Using Funds From Deal To Close Budget Gaps

National Foreclosure Settlement: Several States Using Funds From Deal To Close Budget Gaps

Homeowners best interest was never a priority in the settlement discussions… If it was, do you think any of this would be happening? Would this even be legal?

Too bad you can’t question authority because there is none.

HuffPO-

The ink wasn’t even dry on a settlement with the nation’s top mortgage lenders when Missouri Gov. Jay Nixon laid claim to a chunk of the money to avert a huge budget cut for public colleges and universities.

He’s not the only politician eyeing the cash for purposes that have nothing to do with foreclosure. Like a pot of gold in a barren field, the $25 billion deal offers a tempting and timely source of funding for state governments with multimillion-dollar budget gaps.

Although most of the money goes directly to homeowners affected by the mortgage crisis, the settlement announced this month by attorneys general in 49 states includes nearly $2.7 billion for state governments to spend as they wish.

[HUFFINGTON POST]

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