Settlement

Struggling homeowners stiffed by Florida Legislature

Florida’s Legislature is once again planning to violate the public trust by raiding the trust fund established to create more affordable housing, diverting $200 million to such priorities as teacher pay raises and health care. At the same time, lawmakers plan to spend $200 million from the state’s share of a national mortgage settlement over bank foreclosure and mortgage abuses on things other than aid to struggling homeowners — its intended purpose.

Still, both legislative chambers earmark some money for affordable housing with developers benefiting handsomely. The Senate proposes $65 million to developers of low-income housing projects while the House plans $50 million to affordable housing developers along with $35 million for Habitat for Humanity.

Both chambers allocate millions to the courts to reduce the foreclosure backlog, so those homeowners straining to remain in their residences will be forced out quicker. That’s classic Tallahassee irony, spending money on a contrary purpose.

In another ironic twist, not a penny of the settlement money will help those underwater borrowers with mortgage principal reductions but provides assistant state attorneys, rural health care workers, teachers in low performing schools and others with thousands of dollars in down payment money — so they could conceivably purchase a your foreclosed home.

Rest here…

Had enough yet?

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4closureFraud.org