WI Gov To Use Foreclosure Settlement Money To Plug Hole In Budget

[J.E.D]

WI Gov Walker and AG Van Hollen want to use WI's share of the recent foreclosure settlement to help close the state's budget shortfall that Walker claims does not exist. I'm sure struggling WI homeowners will be pleased.

http://www.dane101.com/current/2012...nal_foreclosure_settlement_money_in_wisconsin

Last week Gov. Scott Walker and Attorney General J.B. Van Hollen announced that a chunk of the state's $140 million share of a national settlement over bank abuses of foreclosure and mortgage-servicing would go toward plugging the projected $143 million budget shortfall.

The state government will receive a direct payment of $31.6 million out of its total share, $25.6 million of which has been earmarked to help plug the budget hole. Van Hollen says his office has legal authority over the money and can make decisions about where and how to use it.

Using the cash accounting practices relied upon by every prior administration Walker was able to eliminate the state's structural deficit, but still left the aforementioned budget shortfall of $143 million by the end of the two year budget in July 2013. That's enough to require the Legislature take action, though Walker has stated he will not use an emergency budget repair bill to address the problem.

Using generally accepted accounting principals, which Walker promised to do in his campaign but then did not follow through on, Wisconsin faces a much larger budget shortfall in the coming years: $2.99 billion for 2011-12, and $3.02 billion for 2012-13.

 

[del]

Emily Mills is a current editor and contributing writer for dane101. She is also a freelance writer, photographer, actor, and musician (drummer and singer in local band Little Red Wolf). Originally from several states up and down the Midwest Emily has called Madison home since 2000. Contact her at emilymills AT dane101.com

really?

 

[PredFan]

Hey, a blogger on the internets said it so it must be true.

 

[Seawytch]

States use mortgage deal money to plug budget holes (CNN)

 

[Seawytch]

It's like Wanker WANTS to be recalled...and maybe he does. He can get his lobbying job for the Koch Brothers faster.

 

[Conservative]

States use mortgage deal money to plug budget holes (CNN)

thanks for posting an actual, credible, non-biased source that didn't make shit up as they went. It's appreciated.

from the link...

Asked why the entire state portion isn't being used for foreclosure relief, a spokeswoman for Attorney General J.B. Van Hollen pointed out that 82% of Wisconsin's total $140 million settlement amount is going to homeowners.

Sounds like they are behaving in a fiscally responsible manner.

 

[Claudette]

States use mortgage deal money to plug budget holes (CNN)

thanks for posting an actual, credible, non-biased source that didn't make shit up as they went. It's appreciated.

from the link...

Asked why the entire state portion isn't being used for foreclosure relief, a spokeswoman for Attorney General J.B. Van Hollen pointed out that 82% of Wisconsin's total $140 million settlement amount is going to homeowners.

Sounds like they are behaving in a fiscally responsible manner.

Looks that way to me as well but then I'm not trying the recall a Gov for trying to save his State.

 

[Conservative]

Hey, a blogger on the internets said it so it must be true.

Not only that, but they have even more credibility because the quote... themselves... as a source a few times in the piece.

That's some good reporting there, huh @ the continued massive FAIL of JosefK.

 

[Seawytch]

Looks that way to me as well but then I'm not trying the recall a Gov for trying to save his State.

He's not doing a very good job of it...six months of job loss...the only state in the union to do that....

 

[Truthmatters]

Foreclosure Deal May Help States Prop Up Budgets, Raze Homes - Businessweek


Feb. 13 (Bloomberg) -- Wisconsin plans to use part of its $140 million share of the national foreclosure settlement to fill a budget hole. Missouri would devote $40 million for education. Ohio wants to tear down vacant homes.

 

[Quantum Windbag]

WI Gov Walker and AG Van Hollen want to use WI's share of the recent foreclosure settlement to help close the state's budget shortfall that Walker claims does not exist. I'm sure struggling WI homeowners will be pleased.

A battle over how to use national foreclosure settlement money in Wisconsin | Dane101

Last week Gov. Scott Walker and Attorney General J.B. Van Hollen announced that a chunk of the state's $140 million share of a national settlement over bank abuses of foreclosure and mortgage-servicing would go toward plugging the projected $143 million budget shortfall.

The state government will receive a direct payment of $31.6 million out of its total share, $25.6 million of which has been earmarked to help plug the budget hole. Van Hollen says his office has legal authority over the money and can make decisions about where and how to use it.

Using the cash accounting practices relied upon by every prior administration Walker was able to eliminate the state's structural deficit, but still left the aforementioned budget shortfall of $143 million by the end of the two year budget in July 2013. That's enough to require the Legislature take action, though Walker has stated he will not use an emergency budget repair bill to address the problem.

Using generally accepted accounting principals, which Walker promised to do in his campaign but then did not follow through on, Wisconsin faces a much larger budget shortfall in the coming years: $2.99 billion for 2011-12, and $3.02 billion for 2012-13.

Watch the rest of the governors do the same thing.

By the way, what are they supposed to do with it? It is, in theory, a fine levied against the banks for breaking state and federal laws, are they supposed to use it to throw a parade?

 

[Quantum Windbag]

States use mortgage deal money to plug budget holes (CNN)

Gee, I was right. Why am I not surprised?

 

[Conservative]

Foreclosure Deal May Help States Prop Up Budgets, Raze Homes - Businessweek


Feb. 13 (Bloomberg) -- Wisconsin plans to use part of its $140 million share of the national foreclosure settlement to fill a budget hole. Missouri would devote $40 million for education. Ohio wants to tear down vacant homes.

Asked why the entire state portion isn't being used for foreclosure relief, a spokeswoman for Attorney General J.B. Van Hollen pointed out that 82% of Wisconsin's total $140 million settlement amount is going to homeowners.