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State Agrees to Split Up J.P. Morgan Settlement Funds

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A deal has been reached in Albany on how to spend the landmark housing settlement reached with J.P. Morgan.

Governor Andrew Cuomo and Attorney General Eric Schneiderman agreed to split the first year of the settlement money.

The deal calls for $81.5 million to be put toward the state's general fund for housing programs.

Funds will also go to the Homeowner Protection Program, which allows housing counselors and legal aid groups to help families struggling to make payments.

A homeowner loan program would be created to provide loans directly to homeowners in order to help them pay down debts.

Lawmakers will also listen to proposals on how to spend the rest of the money.

The agreement comes a day before Cuomo is set to unveil his 2014-15 budget.

J.P. Morgan agreed to a $600 million settlement in connection with it's role in the subprime mortgage crisis.

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