Florida Legislature OKs $200 Million Settlement Over Mortgages

by Isaac Benmergui, Esq on May 1, 2013

Hand shake hi resThe settlement with major banks over mortgages has been a long time coming. Now, the Florida legislature has finally given the green light to a $200 million settlement that will distribute the monies to everything from domestic violence shelters to affordable housing programs and Habitat for Humanity.

The approval was held up in the state’s Republican-controlled legislature while it fought with Florida Attorney General Pam Bondi over who would ultimately make the decision on the distribution of the funds. Bondi finally relented and gave control to the lawmakers in exchange for the promise that it would be used to help foreclosed homeowners.

“I respect the separation of powers,” Bondi said after the vote. “But it was very important to me that this money go to help homeowners.”

The settlement money comes from a $25 billion settlement earlier this year involving 49 attorneys general across the nation. The banks involved were the country’s five largest mortgage servicers: Ally/GMAC, Bank of America, Citi, JPMorgan Chase and Wells Fargo.

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.



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