Balancing Virginia's Budget on our Backs: Part 2

February 28, 2012

(Today is the second part of a 4 part series on how the conservative state budget plans are out of touch--and at our expense.)

The News and Advance reports the both the Virginia House of Delegates and State Senate budgets call for using roughly $70 million from the National Mortgage Settlement Agreement for purposes other than helping those hurt by the housing crisis as it was intended.

Progressive Point: Thousands of Virginia homeowners were cheated by the big banks' fraudulent foreclosure practices. Virginia's share of the landmark national mortgage settlement was intended to help make whole Virginia homeowners who were victims of the big banks' greed. But conservatives in Richmond want to grab the money intended for helping us with housing and spend it on their own personal political priorities.

The conservative's budget will divert the $70 million from making any significant investments in addressing our housing crisis. Appropriate use of these funds would include recapitalizing the Housing Trust Fund, foreclosure prevention or counseling programs, or to enhance consumer protection efforts to prevent and prosecute financial fraud. Conservatives must not be allowed to steal money for their personal pet projects that is designated to help Virginia families get out of this housing crisis.

Get the Facts:

• According to the Department of Justice, direct state payments in the settlement were intended to provide "fund housing counselors, legal aid and other similar public programs determined by the state attorneys general." (Department of Justice February 9, 2012)


• According to Attorney General Cuccinelli, Virginia is set to receive over $69 million in direct payments from the settlement. (Office of the Attorney General)

Forward to a Friend via email

Share on Facebook

Tweet it: Conservatives plan to steal money designated to help Virginians get out of the housing crisis http://bit.ly/z3L7nb via @ProgressVA