Debate Brews in Ga. Over Mortgage Settlement Funds

By: AP Email
By: AP Email

ATLANTA (AP) -- Not all of the money Georgia is getting in its $815 million mortgage settlement with big banks is destined to ease
the foreclosure crisis.

The settlement includes a $104 million payment directly to the
state. That money is designed to be used to avoid preventable
foreclosures, but there's no legal requirement in Georgia law that
it be spent for any particular purpose.

Attorney General Sam Olens is urging lawmakers to use the
funding to target foreclosure fraudsters, and wants lawmakers to
pass a House measure that lets his office investigate the
violators.

House leaders say they haven't decided yet how the money will be
spent. Top Senate Republicans say they want to put the money in
reserves for now and have no specific plans for the funds.

(Copyright 2012 by The Associated Press. All Rights Reserved.)


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