Tuesday, May 01, 2012

Tea Party lawmakers block effort to protect fund that helps families hit hardest by mortgage crisis

STATE CAPITOL, PHOENIX – Today Tea Party lawmakers blocked an effort to stop the $50 million sweep of the Arizona Attorney General’s Mortgage Settlement Fund. This money is supposed to be used to help Arizona families struggling to recover from the mortgage crisis.

Rep. Debbie McCune Davis, D-Phoenix (District 14), offered an amendment to protect this money. 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 was intended to help homeowners who lost their homes or are in need of loan modifications and those who are current on their mortgages but underwater.

“The Republicans should be ashamed of themselves,” McCune Davis said. “In March, Arizona had the highest foreclosure rate in the country. This fund was created to help people victimized by fraudulent loan practices. We should be helping people keep their homes. Instead, Tea Party lawmakers want to take this money. Why? So they can pay for more prison beds or finance more tax loopholes? It’s inexcusable.”

All House Democrats present for the amendment vote supported it, all Republicans voted no. The amendment failed 19-40.

For more information on the mortgage settlement fund go to www.azag.gov/consumer/foreclosure/settlement.html

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