FL lawmakers must decide how to spend most of $334M foreclosure settlement

A big financial remedy for the housing crisis that rocked Florida and named Jacksonville the "Foreclosure Capitol of the Country."

From an $8-billion foreclosure settlement with the five big banks, Florida gets a $334-million slice of the pie.

"This is a huge amount of money we're talking about," says Attorney General Pam Bondi.

She told reporters Thursday, $35-million will go to mortgage assistance, $25-million to housing counseling, and $5-million to cure the backlog of foreclosures in the courts.

About 50,000 homeowners who were wrongly foreclosed on between 2008 and 2011 have received nearly $4-billion in mortgage relief, but tens of thousands of homeowners are also eligible, and may not know it. Contact Bondi's office if you think you qualify.

Lawmakers in Tallahassee must also decide how to spend $200-million of the settlement - saying it won't be spent on their pet projects.

"The idea is to focus the resources on helping the people who are in the greatest needs," says House Speaker Will Weatherford.

Bondi says she would like to see the dollars go to foreclosure prevention, neighborhood revitalization, affordable housing, home buyer or renter assistance, additional legal assistance, and counseling.