Florida AG and lawmakers commit $260M bank settlement to help homeowners

Nov 2, 2012 | Posted by: roboblogger | Full story: Business Journal

Florida Attorney General Palm Bondi has come to an agreement with the leaders of the Florida Legislature to use $260 million of the national mortgage settlement from big banks for homeowner relief in the state.

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1 - 2 of 2 Comments Last updated Nov 27, 2012
Jesse

UK

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#1
Nov 3, 2012
 

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Oh that'll help. $260m isn't even a drop in the bucket.

“Reverse mortgage loan Texas”

Since: Sep 12

Kingwood, TX

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#4
Nov 27, 2012
 
Most of those funds were allocated by banks directly to affected borrowers, such as for modifications and direct payments. Yet,$334 million was set aside for Florida to decide how to use.

Initially,$34 million of that was committed to the state’s general revenue fund. After meeting with Florida Senate President-designate Don Gaetz (R-Niceville) and Florida House Speaker-designate Will Weatherford (R-Wesley Chapel), Bondi agreed that another $40 million would go to general revenue.

The rest of the money will help homeowners. Bondi said $60 million will be used for down payment assistance, foreclosure-related legal assistance, improving case flow in state courts and enforcement efforts by her office.

Another $200 million will be used for foreclosure prevention, neighborhood revitalization, affordable housing, home buyer or renter assistance, legal assistance, counseling and other housing-related programs.

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