Gary Herbert happy with Foreclosure Funds Placed in State General Fund

(Scott Sommerdorf | The Salt Lake Tribune) Utah Gov. Gary R. Herbert, left, listens as Attorney General Mark Shurtleff talks about the estimated $171 million settlement due the state as part of a $25 billion settlement over abusive foreclosure practices from five major banks during a press conference at the Capitol Thursday. February 9, 2012.

Few foreclosure funds went to help Utah homeowners

Settlement » Most of $22M from deal with banks won’t aid those hurt by the housing crisis.

The $21.9 million was placed into the general fund two days before the annual session of the Legislature ended on March 8 and mingled with other state funds to create a $51 million surplus that was doled out in the final hours.

The Executive Appropriations Committee sent $11 million to the state’s Rainy Day Fund. But Cantrell said the money can’t be traced directly from the foreclosure settlement, as some advocates had suggested.

"It’s true $11 million of the general fund money went into the Rainy Day Fund at the end of the session," he said. "To say that money came directly from the $21.9 million is a stretch." Tom Harvey.  Salt Lake Tribune

Utah received an estimated $171 million in money, reductions in mortgage principals and loan modifications as its portion of a sweeping $25 billion deal struck by 49 states and the federal government with five of the largest U.S. banks. Tom Harvey The Salt Lake Tribune  Salt Lake Tribune

$3.75M of $21.9M to go to housing-related programs

Volunteers of America » $500,000 for Homeless Youth Center

St. Anne’s in Ogden » $500,000 for homeless facility

The Road Home » $500,000 for Wendell Apartments permanent housing

Pamela Atkinson Homeless Trust Fund » $250,000

Attorney General’s Office » $2 million for mortgage fraud and white-collar crime prosecution