Wisconsin is looking at a $140 million chunk of the $25 billion mortgage fraud settlement. Of that $140 million, $31.6 million will be going directly into state coffers. And of that $31.6 million, Governor Scott Walker is intending to use $25.6 million of it to close the state's budget deficit.
Per the structure of the payment plan set up in the mortgage settlement, each state government is to receive a direct portion of the money for the purpose of funding future law enforcement efforts, providing additional relief to borrowers, paying civil penalties, funding of foreclosure relief programs and to compensate the state for its losses from the crisis.
As I review the list of intended uses, I simply don’t see paying down state budget shortfalls as meeting the purposes and intents of the agreement.
What happened to Walker's reforms as laid out on his campaign website?
If taxpayer revenue is collected for a specific purpose such as building and maintaining roads, it should be used for that purpose and that purpose only.
Hey, Walker - the extrinsic finality of that money will be exhibited when it is used for its intended purposes and those purposes only, i.e. - foreclosure relief programs and whatnot. I guess reforms are only good in theory. When it's politically expedient, then they go out the window.
Walker likes to say he eliminated the state's deficit and is running commercials saying as much yet we're looking at a $143 million shortfall. It all depends on what accounting method you use and Walker likes to use both.
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