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NY officials agree on JPMorgan settlement funds

Created: 01/21/2014 1:40 PM WHEC.com
By: Associated Press

Gov. Andrew Cuomo and Attorney General Eric Schneiderman have agreed to spend the first $163 million from New York's share of the national settlement with JPMorgan on mortgage relief and housing programs this year.

The first installment of the state's $613 million share will be divided, with $81.5 million going to the state's general fund and earmarked for use by New York's two housing agencies.

Officials say the other $81.5 million this year will be used by the attorney general's office for mortgage relief.

Schneiderman helped negotiate a national $13 billion settlement with JPMorgan over faulty mortgage-backed securities.

He and Cuomo have been in talks on use of the settlement funds.