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States’ Diversion of National Mortgage Settlement Funds

​Stateline/Pew Charitable Trusts
October 15, 2013

Broken bank photo by 401(K) 2013 ​The National Conference of State Legislatures composed a 49 state-by-state of briefing of the states’ distributions of their shares of the $2.5 billion funds from the National Mortgage Settlement.  Findings show that throughout the U.S. approximately $1 billion of the funds were used towards budgetary issues other than direct homeowner aid.  Texas, in particular, allotted $10 million to a Judicial Fund and their remaining $135 million to a General Fund and Georgia is using its entire share of $99 million on their regional and rural economic development.  Florida was a much more constructive example by distributing approximately $250 million of its $334 million funds throughout various homeowner assistance programs.  More…

 

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