Delaware Weighs Mortgage Assistance Plans for Struggling Homeowners

May 31, 2012

Members of Delaware legislature’s budget committee are wrestling with competing proposals from the governor and attorney general on how to help struggling homeowners.

Delaware is slated to get about $46 million in a nationwide mortgage foreclosure settlement. Roughly $35 million of that amount will be provided by banks in the form of credits to current and former homeowners.

Gov. Jack Markell wants $8 million of the remaining money to go to the Delaware Emergency Mortgage Assistance Program, which has helped about 400 people avoid foreclosure in the past five years.

But Attorney General Beau Biden wants to distribute the money more broadly and says DEMAP should get only $500,000.

Markell and Biden disagree to a lesser extent on how much should be spent on outreach, education and mortgage default counseling.

 

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