2012-10-11bloomberg.com

State lawmakers did nothing wrong when they seized $50 million out of the settlement Arizona got with mortgage lenders, a judge ruled Wednesday.

Maricopa County Superior Court Judge Mark Brain acknowledged that Attorney General Tom Horne signed an agreement spelling out how the funds specifically going to the state are to be used. These permitted uses include "to avoid preventable foreclosures'' and to help prevent and prosecute financial fraud. And that agreement required the money be put into a "court ordered trust fund.''


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