Tag: National Mortgage Settlement

State issues

National Mortgage Settlement–Purpose Yet Unfulfilled

Sitting in the Texas General Revenue account is $125 million received as Texas’ cash payment share of the National Mortgage Settlement. This payment is part of agreement settling charges of misconduct by five national banks, misconduct that resulted in the premature and unauthorized foreclosures of single-family residential mortgages in Texas. […]Placing the money in General Revenue requires the Texas Legislature to act to fulfill the purposes of the settlement. Over fifty organizations in Texas (including TXLHIS) have signed on to the statement “We support using funds from the national mortgage settlement for housing and housing-related activities.” This money came from acts that made housing fail for Texans, and should go to making housing work for Texans.