Number
111517
Version
SUBSTITUTE 1
Reference
Sponsor
ALD. COGGS, HINES, HAMILTON, WITKOWSKI, DAVIS, WADE
Title
Substitute resolution urging Governor Scott Walker and Attorney General J.B. Van Hollen to use the foreclosure settlement funding for programs directly related to foreclosure issues.
Analysis
As a result of a tentative $25 billion settlement between the federal government, 49 states and the District of Columbia, and the nation's five largest mortgage servicers, Wisconsin is projected to receive an estimated $141 million intended to provide direct relief for affected homeowners, refinancing benefits for eligible borrowers, and remediation programs and services. Rather than use all the funds for programs directly related to foreclosure issues, Governor Scott Walker and Attorney General J.B. Van Hollen announced their intent to direct $25.6 million to help balance the state budget. The six zip code areas in the state which have been most affected by the foreclosure crisis are in the city of Milwaukee. This resolution urges the Attorney General and the Governor to use the foreclosure settlement monies for funding programs directly related to foreclosure issues in the most affected areas of the state.
Body
Whereas, The federal government and 49 state attorneys general reached a $25 billion settlement agreement with the five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses; and
Whereas, The joint agreement is the largest federal-state civil settlement ever obtained and is the result of extensive investigations by federal agencies, including the Department of Justice, the Department of Housing and Urban Development (HUD) and the HUD Office of the Inspector General, and state attorneys general and state banking regulators across the country; and
Whereas, The partnership between the states and the federal agencies made it possible to achieve favorable terms and conditions that would have been difficult for the ...
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