Colorado Attorney General John Suthers Outlines How $51.17 Million from Mortgage Settlement Will Be Used
Colorado Attorney General John Suthers and Governor John Hickenlooper announced today that Colorado will use the $51.17 million it has received under the recent multistate settlement with the country’s five largest banks to fund homeowner relief and foreclosure-prevention efforts throughout the state.
“These funds will help keep Coloradans in their homes and prevent future foreclosures,” Suthers said. “In cooperation with the Governor’s Office and representatives from the General Assembly, I have vetted a series of ideas on how to spend Colorado’s share of the settlement funds. Through this public, collaborative process, I have selected a series of programs that will allow us to leverage these funds to deliver real help to the people of Colorado.”
“Housing is more than just a place to live, it provides opportunities,” Hickenlooper said. “We believe these programs will provide the critical and timely assistance to help families stay in their homes. Through a collaborative process with the Attorney General’s Office and the General Assembly, we’ve been able to find the best ways to leverage this funding to help those who are in most in need.”
Colorado has decided to allocate its $51.17 million to a series of programs and organizations to provide statewide foreclosure and housing relief over the next three years:
-$24 million for supplemental loan-modification programs;
-$18.196 million for affordable housing programs;
-$5.625 million for housing counseling through the state;
-$1.5 million for Colorado Legal Services;
-$750,000 for temporary staffing at the Attorney General’s Office;
-$600,000 for the Colorado Foreclosure Hotline; and,
-$500,000 for marketing and outreach efforts.
Click here for more information regarding the settlement.
NAR to CFPB: Fix Seller Financing Rules
NAR President Moe Veissi submitted comments to the Consumer Financial Protection Bureau (CFPB) on efforts to streamline regulations inherited by the CFPB. President Veissi encourages the CFPB to harmonize the definitions of creditor and mortgage originator as they relate to seller financing and urged that the seller financing exclusion in the Truth In Lending Act be modified to be consistent with the intended purpose. Click here to read the complete letter.
NAR Concerned About REO-to-Rental Sales
NAR leaders recently met with officials from the Federal Housing Financing Agency (FHFA) and other federal agencies to express NAR’s ongoing concerns about the implementation of FHFA’s pilot plan to dispose of government-owned foreclosed properties by making them available for rental.Click here to learn more.
Rally to Protect the American Dream
2012 NAR President, Moe Veissi talks about the Rally to Protect the American Dream taking place during Colorado’s Hill Visits on May 17th. Never before in the history of our great nation have housing and real estate been forced to defend the benefits they provide our country. The very foundation of civilization is no stronger, nor more enduring than the integrity of the homes on which they rest. Click here to read the complete message and register for the rally. The Rally to Protect the American Dream is May17th, 2012 from 9:30a.m. to 11:00a.m. in Washington, D.C.
Colorado Hill Visits at 2012 MidYear Meeting Registration
Registration for NAR’s annual MidYear Meeting will open next week, on February 14, 2012. Please make sure you register right away and get your hotel room arranged, as hotels go quite quickly. More information, including how to register, is available on REALTOR.org