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Arizona court upholds use of foreclosure settlement

PHOENIX -- An appellate court panel has upheld Arizona's use of part of a multistate foreclosure settlement to help balance the state budget.

Critics of the Legislature's decision to put $50 million into the general state budget wanted all of the money to be used for programs and services for borrowers and troubled homeowners.

Housing advocates appealed a Maricopa County Superior Court judge's ruling in favor of the state, but an order Tuesday by a three-judge panel upholds the judge's ruling.

Some of the settlement money paid the state by lenders is being used for programs and services for borrowers.

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