§ 99-V — Mortgage settlement proceeds trust fund

New York § 99-V

• Jurisdiction: New York
• Law STF: State Finance
• Art. 6: Funds of the State

Text

* § 99-v. Mortgage settlement proceeds trust fund. 1. There is hereby\nestablished in the joint custody of the state comptroller and the\ncommissioner of taxation and finance a trust and agency fund known as\nthe "mortgage settlement proceeds trust fund".\n 2. Such fund shall consist of monies paid pursuant to the settlement\nagreement dated November nineteenth, two thousand thirteen between J.P.\nMorgan Securities LLC (f/k/a "Bear, Stearns & Co. Inc."), JPMorgan Chase\nBank, N.A., EMC Mortgage LLC (f/k/a "EMC Mortgage Corporation") and the\nPeople of the State of New York and that were transferred thereto\npursuant to law from the department of law restitution fund and the\ngeneral fund.\n 3. Up to $439,549,965 of the monies of the fund shall be distributed\nin accordance with a plan approved in a memorandum of understanding\nexecuted by the director of the budget, the speaker of the assembly, and\nthe temporary president of the senate, or their designee, in\nconsultation with the commissioner of the division of housing and\ncommunity renewal, to provide compensation to the state of New York and\nits communities for harms purportedly caused by the allegedly unlawful\nconduct of J.P. Morgan Securities LLC (f/k/a "Bear, Sterns & Co. Inc."),\nJPMorgan Chase Bank, N.A., EMC Mortgage LLC (f/k/a "EMC Mortgage\nCorporation") for purposes intended to avoid preventable foreclosures,\nto ameliorate the effects of the foreclosure crisis, to enhance law\nenforcement efforts to prevent and prosecute financial fraud or unfair\nor deceptive acts or practices, and to otherwise promote the interests\nof the investing public. Such permissible purposes for allocation of the\nfunds include, but are not limited to, providing funding for housing\ncounselors, state and local foreclosure assistance hotlines, state and\nlocal foreclosure mediation programs, legal assistance, housing\nremediation and anti-blight projects, and for the training and staffing\nof, and capital expenditures required by, financial fraud and consumer\nprotection efforts, and for any other purpose consistent with the terms\nof the settlement agreement dated November nineteenth, two thousand\nthirteen between J.P. Morgan Securities LLC (f/k/a "Bear, Stearns & Co.\nInc."), JPMorgan Chase Bank, N.A., EMC Mortgage LLC (f/k/a "EMC Mortgage\nCorporation") and the People of the State of New York.\n 4. Up to $81,500,234 of the monies of the fund shall be distributed in\naccordance with a plan developed by the attorney general to provide\ncompensation to the state of New York and its communities for harms\npurportedly caused by the allegedly unlawful conduct of J.P. Morgan\nSecurities LLC (f/k/a "Bear, Stearns & Co. Inc."), JPMorgan Chase Bank,\nN.A., EMC Mortgage LLC (f/k/a "EMC Mortgage Corporation"), for purposes\nintended to avoid preventable foreclosures, to ameliorate the effects of\nthe foreclosure crisis, to enhance law enforcement efforts to prevent\nand prosecute financial fraud or unfair or deceptive acts or practices,\nand to otherwise promote the interests of the investing public. Such\npermissible purposes for allocation of the funds include, but are not\nlimited to, providing funding for housing counselors, state and local\nforeclosure assistance hotlines, state and local foreclosure mediation\nprograms, legal assistance, housing remediation and anti-blight\nprojects, and for the training and staffing of, and capital expenditures\nrequired by, financial fraud and consumer protection efforts, and for\nany other purpose consistent with the terms of the Settlement Agreement\ndated November 19, 2013 between J.P. Morgan Securities LLC (f/k/a "Bear,\nStearns & Co. Inc.") JPMorgan Chase Bank, N.A., EMC Mortgage LLC (f/k/a\n"EMC Mortgage Corporation") and the People of the State of New York.\n * NB There are 2 § 99-v's\n