Five big banks have agreed to give twenty-three Democratic attorneys general more than a billion dollars that can be distributed to housing groups and community organizers in the months prior to the 2012 election.
The money is part a deal valued at $25 billion that the five banks announced Feb. 9 with President Barack Obama’s deputies and with a coalition of 50 attorneys general. Ninety percent of the value consists of mortgage write-offs,accounting changes and cash transfers that are to be delivered to homeowners over the next three years.
But $1.1 billion in cash will be transferred to the Democratic attorneys general as soon as the deal is approved by a judge,which is expected to happen in March or April.
The bank deal is also slated to deliver almost $1.4 billion to Republican attorneys general,but many of the GOP attorneys general have already announced they will transfer the funds to state legislatures.
Read more at The Daily Caller. By Neil Munro.
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