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.