Florida Diverts 10% Of Settlement Payout To Finance State Budget

Posted by Orb Staff on May 30, 2012 No Comments
Categories : Mortgage Servicing

11654_220px-bondi_bio_photo Florida Diverts 10% Of Settlement Payout To Finance State Budget Florida Attorney General Pam Biondi is slicing 10% of the state's $334 million cash payout from the $25 billion National Mortgage Settlement to finance the state's budget.

The Tampa Bay Times reports that the $33 million being directed to the budget is the only portion of Florida's cash payout that has been allocated for specific use. Bondi has previously stated that she would use the remaining funds to offer direct financial relief for struggling homeowners. However, she has also sought public input on how to spend the funds.

Florida is the latest state not to use its portion of the National Mortgage Settlement on housing-related programs. Other states that have diverted their settlement cash payouts include California, which is channeling it funds for deficit-reduction purposes, and Georgia, which is using its funds for economic-development endeavors.

Register here to receive our Latest Headlines email newsletter




Leave a Comment