OPINION: Taking money meant for financially pressed homeowners and using it to balance California’s budget is plain wrong
In 2012, Governor Jerry Brown and the State Legislature spent $410 million on balancing the state budget, when that money had originally been meant for aiding victims of mortgage lending. After two courts ruled that the Legislature needs to return that money, the Legislature and Governor Brown passed a bill last week “confirming” the money was allocated to its intended purpose. George Skelton of the LA Times argues that the reality is, the Legislature spent $316 million of the money set aside for homeowners to make payments on $5 billion in housing bonds approved by voters in 2002 and 2006.
Click here to read the full article at the Los Angeles Times.