Judge: Gov Brown and Legislature illegally raided homeowners fund

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Judge: Gov Brown and Legislature illegally raided homeowners fund

Judge: Gov Brown and Legislature illegally raided homeowners fund

SFGate-

Gov. Jerry Brown and the Legislature illegally raided a state fund that was created to help distressed homeowners and took $331 million to balance the budget, a judge has ruled.

The money was taken from a fund that contained California’s share of a $5 billion nationwide settlement of a fraud suit by states and the federal government against the nation’s five largest mortgage lending companies: Bank of America, Citigroup, J.P. Morgan Chase, Wells Fargo and Ally Financial, formerly known as GMAC.

The settlement, which state Attorney General Kamala Harris negotiated in 2012 for California, was designated for foreclosure relief, aid to homeowners and other housing-related purposes. Starting in June 2012, however, Brown and the Legislature appropriated most of the fund to help pay down the state’s deficit over three fiscal years, through mid-2014.

 [SF GATE]

Photo: Max Whittaker/Prime, Special To The Chronicle

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2 Responses to “Judge: Gov Brown and Legislature illegally raided homeowners fund”

  1. DeadlyClear says:

    Oh come on… Don’t these people know that the Calpers pension funds were gambled away on Wall Street and of course, they need to raid the homeowners funds!

  2. $331,000,000 ($331 million tip of the iceberg) of this court opinion was evidently a fraction of the $18 billion which by now has amounted to over $20 billion worth of money.
    I wrote about that historic California plunder below this recent article:

    L.A. sues Wells Fargo, alleging ‘unlawful and fraudulent conduct’
    Posted on05 May 2015.

    http://stopforeclosurefraud.com/2015/05/05/l-a-sues-wells-fargo-alleging-unlawful-and-fraudulent-conduct/

    As I documented there public officials have not only plundered astronomical proportions of money, and real estate, from the public since 2008, they also have blood on their hands; Blood of the millions of people whose homes they helped plundered by the likes of drug cartels such as “Wachovia Drug Cartel”, now known as “Wells Fargo Drug Cartel”.
    Google:
    “WACHOVIA $1/2 trillion Drug Money Laundering Blessed by U.S. Court Case# cr-20165-JAL”

    http://kareemsalessi.com/litigation-discovery-documents/

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