Failing to help Virginia families out of the housing crisis
May 24, 2012
The Daily Press reports, "Virginia lawmakers in March diverted most of a multimillion-dollar mortgage settlement payment to local governments... Direct payments to states were intended to protect consumers and assist state foreclosure prevention efforts, but in many cases state legislatures funneled some or all of their payments to other budget need."
Progressive Point: Thousands of Virginia families were the victims of the big banks' greed and unscrupulous foreclosure practices. A landmark settlement was intended to help make these families whole but Richmond conservatives diverted 90% of the money to other projects.
Aiding struggling Virginia homeowners doesn't just help a few--alleviating the housing crisis would help raise home values and inject cash into our economy. Many Virginia families still need help getting out of the housing crisis, and diverting the money to pet political priorities was not that help we deserved.
Get the Facts: