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Foreclosure Settlement

Updated: Friday, August 2 2013, 10:22 PM EDT
North Carolina has divvied up it's share of  a 25 billion dollar national mortgage foreclosure settlement that critics say is not getting to people who need it most.  Pro Publica, an independent group of investigative journalists, says states all collected millions for homeowners struggling with foreclosures but little of the money is actually getting to foreclosure victims.

North Carolina received $60 million directly from the settlement but only spent about 22 million of it on services for foreclosure victims.  Pro Publica says the rest went to investigative services and the state's general fund.

The attorney general's office says North Carolina's proceeds were $338 million with most of that being doled out by banks directly to homeowners in the form of refinanced loans, refunds for bad practices and help for those in default.  The state's share, $60-million is supposed to be helping victims through counseling and legal aid.  Some of those agencies say they're still waiting to hear how they can get a hold of that money.

by Frank Fraboni
Foreclosure Settlement


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