Grants

Foreclosure Crisis Recovery Fund

The Attorney General, on behalf of the People, sued Countrywide Home Loans and its former executives David Sambol and Angelo Mozilo for conduct related to Countrywide’s mortgage practices. After reaching a sweeping injunctive settlement in 2008 with the corporation, now owned by Bank of America, the Attorney General on February 3, 2011, settled with the former officers. As part of the settlement, the Attorney General developed the Foreclosure Crisis Recovery Fund in an effort to aid cities and counties in combating the effects of the real estate collapse and of mortgage and real estate fraud. The establishment of the Fund was approved by the court and the terms of the Fund are set forth at pages 2-5 of the Judgment. (People of the State of California v. Countrywide Home Loans, David Sambol, and Angelo Mozilo, Los Angeles County Superior Court Case No. LC081846.)

As established by the Judgment, the Fund is administered by the California Attorney General’s Office. The Fund is established to give the Office of the Attorney General and other “authorized agencies” access to funds that can be directed towards combating the effects of high foreclosure and mortgage delinquency rates in California.

“Authorized agencies,” as defined in Paragraph 5(b) at page 3 of the Judgment, may apply for a grant from the Fund in accordance with the procedures set forth below. Grant applications will be reviewed by a committee within the California Attorney General’s Office, as provided in Paragraph 5(f) at page 5 of the Judgment. The California Attorney General will make the final decision regarding which applications to fund.

• FCRC Instructions
• FCRC Application
• 2012 Foreclosure Crisis Recovery Fund Grant Awards