Maryland Outlines Plans for Mortgage Settlement

$60 million to be split for housing aid

Wednesday, May 30, 2012  |  Updated 9:32 PM EDT
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Maryland Outlines Plans for Mortgage Settlement

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Maryland Gov. Martin O'Malley and Attorney General Douglas Gansler explained Wednesday how the state plans to use $60 million received from a national mortgage settlement.

Five major banks reached the $26 billion settlement in February with attorney generals in Maryland and 48 other states.

Maryland will allocate the money in the following way:

  • $8.6 million goes to nonprofit housing counselors
  • $6.2 million goes to nonprofit legal aid and assistance
  • $14 million goes to statewide neighborhood stabilization
  • $10 million goes to Baltimore City housing programs
  • $10 million goes to Prince George’s County housing programs
  • $2.1 million goes tofinancial fraud prevention, Maryland Department of Labor, Licensing and Regulation
  • $2.7 million goes to housing-related civil and criminal enforcement Office of the Attorney General
  • $5.97 million will be put into the general fund

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