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(The Year 2012 In Review)
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|User Info||states use fraudclosure settlement money to patch deficits; entered at 2012-05-16 03:10:02|
Registered: 2011-03-16 Pasadena, CA
Sigh. Perhaps this was planned all along?|
Needy States Use Housing Aid Cash to Plug Budgets
By SHAILA DEWAN
Published: May 15, 2012
Hundreds of millions of dollars meant to provide a little relief to the nationís struggling homeowners is being diverted to plug state budget gaps.
In a budget proposed this week, California joined more than a dozen states that want to help close gaping shortfalls using money paid by the nationís biggest banks and earmarked for foreclosure prevention, investigations of financial fraud and blunting the ill effects of the housing crisis. California was awarded more than $400 million from the banks, and Gov. Jerry Brown has proposed using the bulk of that sum to pay the stateís debts.