Our representatives must protect our homes

March 8, 2012

The Washington Post reports on legislators advocating that Virginia's share of the federal mortgage settlement be used to help homeowners as it was intended, "Democrats in the House tried to amend the budget to allow the state's $69 million share of the $25 billion settlement to go toward foreclosure victims and promote homeownership as dictated by the Virginia Housing Development Authority and the Governor's Foreclosure Task Force -- instead of the general fund. It failed, 70-29... 'Whether it is assisting first time home buyers, rehabilitating existing properties or working to prevent further foreclosures, this money should be used to responsibly mitigate the effects of the mortgage crisis and revitalize the housing industry,' said Del. Scott Surovell (D-Mount Vernon), who introduced the amendment. 'Using one-time funds for balancing our budget is exactly the kind of financial gimmickry that gets us into trouble.'"

Progressive Point: Helping struggling Virginia homeowners is something all of our representatives should agree on. Many Virginians' dreams of homeownership were damaged by the big banks. The landmark national mortgage settlement was intended to help rebuild homeownership but Virginia conservatives want to divert $70 million to pay for their own personal priorities.

Conservatives have proven time and again this year that they are out of touch with women, families, and voters. Lawmakers should be focusing on ways to help Virginia families that are victims of the housing crisis and big banks' greed. We need our leaders to protect our homes and pay for our priorities, not theirs.

Get the Facts:

• "Democrats in the House tried to amend the budget to allow the state's $69 million share of the $25 billion settlement to go toward foreclosure victims and promote homeownership as dictated by the Virginia Housing Development Authority and the Governor's Foreclosure Task Force -- instead of the general fund. It failed, 70-29." (Washington Post, March 7, 2012)

• 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)

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