Settlement money to fill budget gaps

Virginia’s General Assembly plans to use the state’s $69 million portion of the foreclosure fraud settlement to plug various holes in the budget. The money will help pay for a variety of initiatives including funding community health centers and free clinics, increasing Medicaid reimbursements for hospitals and nursing homes, paying for school maintenance, and reducing K-3 class size.

The Department of Justice had said the banks’ payments to states were intended “to be used to repay public funds lost as a result of servicer misconduct and to fund housing counselors, legal aid and other similar public programs determined by the state attorneys general.”

About Andrew Kantor

Andrew is VAR's editor and information manager, and -- lessee now -- a former reporter for the Roanoke Times, former technology columnist for USA Today, and a former magazine editor for a bunch of places. He hails from New York with stops in Connecticut, New Jersey, Cincinnati, Columbus, and Roanoke.
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