Mortgage Bill Signed Into Law

For four years, Florida homeowners were losing 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, behind only Nevada. Now Florida and 48 other states will share 26 billion dollars.

”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,” said Governor Scott.

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,” said Bondi.

The state is set to receive 8.4 billion dollars from the settlement. The numbers are all self-reported by the same banks, which have already caused the problem.

“It’s self reporting by the banks, I’ll tell you, I’ve had issues with the banks,” said Bondi.

Bondi says she is working closely with the monitor of the National Mortgage Settlement to get official payout numbers.

“We are doing everything to hold the banks accountable; and to be sure this money is being handled the right way,” said Bondi.

Overall the state received 334 million from the settlement.

Oklahoma is the only state that wasn’t a part of the settlement.