Maryland Outlines Plans for Mortgage Settlement - NBC4 Washington

Maryland Outlines Plans for Mortgage Settlement

$60 million to be split for housing aid

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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