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Money Clawed Back From Banks During Mortgage Crisis Goes for Affordable Housing

wusa9.comJune 7, 2013

SILVER SPRING, Md. (WUSA9) --  Money clawed back from banks busted for predatory lending and robo-signing during the nation's mortgage meltdown is being distributed to dozens of groups working to stabilize affordable housing neighborhoods.

Maryland Attorney General Douglas F. Gansler and the Maryland Department of Housing and Community Development $16.9 million in Neighborhood Conservation Initiative grant funds to be spent on homeowner assistance programs and rehabilitation projects across the state. 

The money comes from the $26 billion National Mortgage Settlement and a separate $120 million national settlement with Lender Processing Services, Inc., which allegedly robo-signed documents and engaged in other mortgage servicing abuses.

One example of how the money will be used is provided by the Montgomery Housing partnership which was awarded with $500 thousand to purchase a boarded up apartment building in the 8800 block of Glenwood Road in Silver Spring. 

The non-profit agency already owns four buildings in the area which has resulted in a reduction in crime and more stability for families in need of affordable housing in Montgomery County's expensive housing market.

According to the latest quarterly progress report issued by the Court-appointed Monitor of the National Mortgage Settlement, more than 16,000 Maryland homeowners have received more than $1.3 billion in relief - with an additional $60 million in process - as of March 31, 2013.

In February, money from the settlement and funds from DHCD provided $11.8 million in grants to 39 members of the Maryland HOPE Counseling Network, representing the highest level of funding for foreclosure prevention counseling in state history.

Additionally, $6.2 million in settlement funds coupled with $2.8 million from DHCD has been allocated to nine legal aid nonprofits to expand services to distressed homeowners across Maryland.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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