Tue June 5, 2012
Delaware Gov. & AG to Sort Out Mortgage Settlement Spending
DOVER, Del. (AP) - Members of the legislature's Joint Finance Committee have set aside more than $10 million while the governor and attorney general wrestle over how to spend part of Delaware's share of the nationwide mortgage foreclosure settlement.
Delaware is slated to get about $46 million in the settlement, with roughly $35 million provided by banks in the form of credits to customers.
Gov. Jack Markell wants $8 million of the remaining amount to go to the Delaware Emergency Mortgage Assistance Program. Attorney General Beau Biden wants to distribute the money more broadly and says DEMAP should get only $500,000.
Committee members voted Monday to let the legislature's controller general hold the money. If Markell and Biden can't reach a compromise by June 14, the finance committee will decide how to spend it.