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Home » Store » News » California Court Finds Governor Brown Illegally Tapped State’s Mortgage Settlement Coffer to Plug Budget Holes

California Court Finds Governor Brown Illegally Tapped State’s Mortgage Settlement Coffer to Plug Budget Holes

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A California superior court last week ruled that Gov. Jerry Brown, D, illegally diverted more than $331 million from a landmark mortgage settlement fund to resolve a state budget deficit. The funds represented California’s share in the historic 2012 national mortgage settlement between federal enforcement agencies and 49 state attorneys general and the nation’s five largest mortgage servicers – Wells Fargo Bank, Bank of America, JPMorgan Chase, Citigroup and Ally Financial. The banks paid...
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