Continuing saga of misuse of taxpayer funds and now even the Dodd Frank Bill’s creation, The Consumer Finance Protection Bureau, has seemingly enabled the misuse of Mortgage Settlement Funds by its conspicuous lack of action and silence. Apparently, taxpayers don’t count as “consumers” and have no rights; nor “recourse” against government financial abuse.
“The National Mortgage Settlement provides the states with $2.5 billion in direct cash payments. However, a report published by Enterprise Community Partners, a Washington, D.C.-based affordable-housing organization, found that only 26 states are “substantially” using their settlement funds for housing. Thus, nearly half of the $2.5 billion provided by the settlement in direct cash payments is being spent on wholly unrelated expenditures and follies.
Most of the states are using their money to compensate for their dismal spending habits – California’s Gov. Jerry Brown was particularly shameless in hijacking his state’s $410 million and using it to fill in a deficit that is close to $16 billion.”
PS – Shocker from CNBC – Say What?:
“US Already in ‘Recession,’ Extend Tax Cuts” Bill Clinton; http://www.cnbc.com/id/47693595