WEAR ABC 3 - Search Results
Mortgage settlements from foreclosures
FLORIDA -- If you lost your home due to foreclosure, you may already be getting money from mortgage companies as a part of a national settlement.
Now programs across Florida will also get their cut of the payment.
Over the course of four years, many Florida homeowners lost their homes because of shady lending practices and overzealous buyers.
In 2010, the state had the dubious distinction of having the second highest foreclosure rate in the nation, behind only Nevada.
Now Florida and 48 other states will share 26-billion dollars.
Gov. Rick Scott/(R) Governor
"The settlement will provide important relief to Florida homeowners and enable our state to get its fair share of the relief being provided across the country."
Florida's cut is just shy of 9-billion dollars.
Tuesday morning, Governor Rick Scott signed a bill that will appropriate 200-million dollars to various housing initiative programs.
Florida Attorney General, Pam Bondi says the settlement is to protect Floridians and to keep banks from abusing the system.
"We are doing everything to hold banks accountable and to be sure this money is being handled in the right way."
The state is set to receive 8.4 billion dollars from the settlement.
The numbers are all self-reported by the same banks which many blame for causing the problem.
"It's self reporting by the banks, I'll tell you, I've had issues with the banks."
Bondi says she is working closely with the monitor of the national mortgage settlement to get official payout numbers.
Overall the state's received 334-million from the settlement.