Tuesday, May 01, 2012

McCune Davis calls on AZ attorney general and Republican leadership to stop withholding information about unlawful fund sweeps

STATE CAPITOL, PHOENIX – Today Rep. Debbie McCune Davis, D-Phoenix (District 14), called on the Arizona Attorney General’s Office and Republican leadership at the legislature to publically release a memo that reportedly states it is unlawful to sweep the settlement fund to help families impacted by the mortgage crisis.

Currently, the Republican budget proposes a sweep of $50 million from the Arizona Attorney General’s Mortgage Settlement Fund. The fund was created by a joint state-federal settlement with Arizona and 48 other states, the federal government and the country’s five largest residential mortgage loan servicers who engaged in fraudulent loan and foreclosure practices. The money is supposed to be used to help families impacted by the foreclosure crisis. A budget vote is expected this morning.

“This is a matter of public record,” McCune Davis said. “Apparently this memo was sent to a select few members of the legislature. Every member should see the memo before we are required to vote on it this morning. If Attorney General Tom Horne and Republican leadership know that sweeping the money is unlawful, they have an obligation to tell all of us. To withhold this information before a crucial vote is reprehensible.”

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