Cuccinelli makes sure Virginia gets its cut of the mortgage settlement

Attorney General Ken Cuccinelli announced yesterday that he had signed on to the national mortgage settlement. According to the press release, this is, with some exceptions, a good thing for Virginia and the larger housing market:

“While there were some aspects of this settlement that we would not have drafted if we were the only state involved – aspects where the benefits being paid out are not as tightly tied to the wrongdoing as we would have liked – one of the costs of participating in a multi-state effort is the need to reach consensus. However, that cost was far outweighed by the benefits of addressing a national problem of fraud and abuse, as well as trying to clear the housing market to get the economy moving again. My priority is to enforce the rule of law in Virginia, and that is precisely what we did. I am pleased that the citizens of the commonwealth will benefit from the settlement that has been reached.”

(A video where Cuccinelli explains why he agreed to join the settlement, and why he has some reservations about it can be found here).

Crucial to his explanation is the money the state will receive from the agreement — “a direct payment of $69,657,121.00” according to the press release.

That’s not an insignificant sum, particularly for cash-strapped states.

But not everyone is pleased with this agreement. Perma-bank bull Dick Bove called it “the mortgage deal from hell.” His comments with the blow-dried talkers at CNBC is quite entertaining:

And CNBC’s Rick Santelli — the first tea partier? — he thinks the deal stinks, too:


To be fair to Mr, Cuccinelli, his objections to portions of the agreement are probably not much different than those voiced in the videos above.

But Ken was keen on making sure everyone knows that Virginia got its share of the loot. That isn’t the sort of talking point I would have expected to hear from the Attorney General.

But I do expect it from a gubernatorial candidate.

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