A judge says the state misused settlement cash to fill a budget hole.
In early July 2018, California Third District Court of Appeal Judge Andrea Hoch rebuked state lawmakers for misappropriating funds from the National Mortgage Settlement Deposit Fund for budget triage. California’s Department of Finance, with the Legislature’s tacit consent, diverted nearly $300 million toward servicing debt for housing bonds. This overtly political use was in violation of the settlement that required the funds be used to help homeowners. The victims of this raid were low-income and minority communities.
Read the full story: https:///www.wsj.com/articles/californias-mortgage-fraud-1531694667
