Florida’s $300-million housing bounty

Advocates of affordable housing in Florida, listen up: You have a chance to weigh in on how the state uses $300 million to ease the pain of the foreclosure crisis, but you must act quickly. The funds were part of a court-approved, $25-billion settlement that Attorney General Pam Bondi and 48 of her counterparts in other states managed to wrest from five of the nation’s greediest banks and mortgage servicers to clean up the robo-signing scandal that delivered grief to tens of thousands of homeowners across the country. The settlement requires the banks to pay $20 billion in mortgage relief and $5 billion to state and federal governments. Most of that money goes directly to aid the banks’ victims, including refinancing loans that are greater than the homes are worth. Because Florida was ground zero in the predatory foreclosure crisis, the state received the lion’s share of the settlement, about $8 billion.

Miami Herald


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