money 02Lawmakers debate how to use remaining bank settlement funds


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By Randall Chase, Associated Press


DOVER, Del. (AP) — Leaders of the legislature’s budget-writing committee failed to get quick approval from their panel colleagues Tuesday on proposals to spend $29 million in mortgage settlement money.

Lawmakers have spent months trying to determine how to spend Delaware’s remaining share of money from nationwide settlements involving Bank of America and Citigroup to resolve allegations that market misconduct by banks contributed to the financial crisis and housing market implosion in 2008 that resulted in many people losing their homes to foreclosure.

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