Florida Foreclosures

Six months after receiving more than $300 million
in aid for homeowners, Florida hasn't decided how
to spend the money.

Florida is ranked number 1 in the nation for the number of homes in foreclosure.

But Florida is last when it comes to using the billions of dollars in housing aid from a national mortgage settlement.

Six months after the nation's largest banks signed a $25 billion mortgage settlement as a result of the robo-signing scandal, Florida and Texas are the only states that have not outlined a plan for how to use their share.

In Florida about $300 million is sitting in an escrow account. Attorney General Pam Bondi and the Florida Legislature are debating over who is legally entitled to spend the money.

The settlement dictates that the money be used for housing-related issues, but leaders in the Florida legislature could decide to use the money elsewhere. They have not ruled out using the money for non-housing issues. Isn't that amazing.

While other governors have played an active role in the mortgage settlement, it is unknown what Rick Scott is doing behind the scenes.

Frederick Bryant
October 23, 2012

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