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Task Force Divvies Up of Mortgage Fraud Settlement

A "House For Sale" sign is visible in front of an existing home
Tim Boyle/Getty Images

PIERRE, S.D. (AP) – A South Dakota task force has decided how to divvy up $7.8 million from the state’s share of the national Mortgage Fraud Settlement Fund.

In February, South Dakota joined with other State Attorneys General in reaching a $25 billion federal-state agreement with the nation’s five largest mortgages service providers over nationwide mortgage practices.

The South Dakota Home Builders Association will receive $1 million to help fund spec homes, while GROW South Dakota will get $500,000 to create loans that will assist veterans with home purchases.

South Dakota Housing Development Authority will use about $370,000 to fund homebuyer education programs, and the Ellsworth Development Authority will get just over $270,000 to develop residential lots and rental units.

Eight other organizations are receiving between $15,000 and $200,000 each for various other programs.

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Copyright 2012 by The Associated Press. All rights reserved. Material may not be redistributed.

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