Newsom’s administration said it would begin transferring $331 million back into a fund designed to help California homeowners hit by the recession-era mortgage crisis, money that courts have ruled was wrongly used to help balance the state budget.
In some cases, those bonds were enacted a decade before the mortgage settlement. In all, three years of state budget expenses were covered by a portion of what California received from the mortgage settlement.
The money diverted to state budget needs was a small portion of what both California homeowners and the government received from the national settlement agreed to by 49 states in 2012. Those states, along with the federal government and the District of Columbia, had earlier filed suit against the nation’s five largest mortgage servicers: Ally , Bank of America, Citigroup, J.P. Morgan Chase and Wells Fargo.
“Now that the Supreme Court has issued its decision in this matter, we will move forward to implement the ruling,” said H.D. Palmer, a spokesman for the California Department of Finance.
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