Florida AG, Lawmakers Agree On Settlement Fund Usage

Posted by Orb Staff on November 06, 2012 No Comments
Categories : Mortgage Servicing

12699_220px-bondi_bio_photo Florida AG, Lawmakers Agree On Settlement Fund Usage The feud between Florida Attorney General Pam Bondi and state legislatures over the cash payout from the National Mortgage Settlement has been resolved.

The Associated Press reports that the disbursement of Florida's $334 million cash payout was held up by a dispute over whether Bondi or the state legislature could direct how the funds will be used. As part of the resolution, $74 million will go straight to state's main budget account, while Bondi will formally request a legislative budget panel to approve $60 million for homeowner assistance and to help state courts deal with their foreclosure case backlog. The remaining funds will be subject of a vote by the full legislature when it reconvenes in March.

In a press statement, Bondi praised the deal, ensuring that the settlement funds will be spent ‘with the transparency, accountability and flexibility that comes from the legislative process.’ Incoming House Speaker Will Weatherford concurs, noting that the agreement will ‘enable the legislature to fulfill its important duty as appropriators.’

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