Will NJ’s $72 Million Share Go to Affordable Housing?
On May 15, 2012, The New York Times reported on a $25 billion national settlement negotiated by banks over the abuses in mortgage and foreclosure processes. It is the first commitment of its size on the part of banks to directly assist borrowers affected by the housing crisis.
“The $2.5 billion was intended to be under the control state attorneys general, who negotiated the settlement with the five banks — Bank of America, Wells Fargo, JPMorgan Chase, Citigroup and Ally. But there is enough wiggle room in the agreement, as well as in separate terms agreed to by each state, to give legislatures and governors wide latitude.”