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What Is Your State Doing With the $25 Billion Mortgage Fraud Fund?

Updated on July 12, 2012

The United States Federal government and 49 states came to an agreement in 2012 with five of the largest mortgage lenders in the country for mortgage lending fraud. Ally/GMAC, Bank of America, Citi, JPMorgan Chase, and Wells Fargo was ordered to pay $25 billion to the Attorney General office of all the states but Oklahoma. Oklahoma opted out of this settlement to pursue their own agreement with less regulations.
Will the actual victims of the mortgage fraud receive any of the $25 billion? Sadly not all. The settlement says each state can allocate the funds at their discretion. Only a handful of states will do the right thing. Other states will distribute the funds elsewhere.

Dollar Allocation for Each State and Victim Benefits Approval

ALASKA $3,286,839 No
ALABAMA $25,305,692 Undecided
ARKANSAS $12,830,241 Yes
ARIZONA $97,784,204 Yes
CALIFORNIA $410,576,996 Undecided
COLORADO $50,170,188 Yes
CONNECTICUT $26,102,142 Undecided
DELAWARE $7,913,923 Some
FLORIDA $334,073,974 Some
GEORGIA $99,365,105 No
HAWAII $7,911,883 Yes
IOWA $14,651,922 Yes
IDAHO $13,305,209 Some
ILLINOIS $105,806,405 Some
INDIANA $43,803,419 Some
KANSAS $13,778,401 Some
KENTUCKY $19,198,220 Yes
LOUISIANA $21,741,560 Yes
MASSACHUSETTS $44,450,668 Yes
MARYLAND $59,697,470 Yes
MAINE $6,907,023 Some
MICHIGAN $97,209,465 Yes
MINNESOTA $41,536,169 Undecided
MISSOURI $39,583,212 No
MISSISSIPPI $13,580,374 Undecided
MONTANA $4,858,276 Yes
NORTH CAROLINA $60,852,159 Some
NORTH DAKOTA $1,947,666 Yes
NEBRASKA $8,422,528 Some
NEW HAMPSHIRE $9,575,447 Yes
NEW JERSEY $72,110,727 Yes
NEW MEXICO $11,174,579 Yes
NEVADA $57,368,430 Yes
NEW YORK $107,642,490 Yes
OHIO $92,783,033 Yes
OREGON $29,253,190 Undecided
PENNSYLVANIA $66,527,978 Undecided
RHODE ISLAND $8,500,755 Some
SOUTH CAROLINA $31,344,349 No
SOUTH DAKOTA $2,886,824 No
TENNESSEE $41,207,810 Yes
TEXAS $134,628,489 Undecided
UTAH $21,951,641 Some
VIRGINIA $66,525,233 No
VERMONT $2,552,240 Undecided
WASHINGTON $54,242,749 Yes
WISCONSIN $30,191,806 Some
WEST VIRGINIA $5,748,915 Some
WYOMING $2,614,515 Yes


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