Maryland Outlines Plans for Mortgage Settlement
$60 million to be split for housing aid
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