CO May Spend Part Of Mortgage Settlement On Former Prison

By: AP
By: AP

DENVER (AP) -- Colorado may use part of its share of a national mortgage settlement to repurpose a closed prison as transitional housing for veterans.

Most of last month's $25 billion settlement with the nation's top mortgage lenders goes directly to homeowners affected by the mortgage crisis. But states were given $2.7 billion to spend as they wish, and many states are eyeing projects that have nothing to do with foreclosure.

Colorado's getting some $51 million to be spent by Attorney General John Suthers, who has legal authority to decide how settlements are spent. A spokesman for the attorney general says Suthers is considering many proposals for spending mortgage settlement money. Ideas discussed at public hearings include repurposing the former Fort Lyon Correctional Facility in Bent County as housing for vets.

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  • by Linda Location: Colorado Springs on Mar 14, 2012 at 06:54 PM
    The attorney General won a settlement after filing a complaint against Countrywide and NO ONE, NO HOMEOWNER in Colorado saw a dime. I have asked for help with the FBI, SEC, City Attorney, DORA, Congressment, State Representatives, Attorney General and the Governor and NO ONE would help. I beleive that NO homeowner in Colorado will see a dime of this settlement. I went to the Attorney General's website and there is NOTHING posted about the settlement, but the have already begun to spend the money
  • by Citizen80919 on Mar 13, 2012 at 01:53 PM
    Why does our AG get to designate where the funds go? Put it in the general fund. I think the state is broke isn't it?
  • by john o'neal Location: Las animas on Mar 13, 2012 at 12:57 PM
    vets need the ford to reoped they came from allover the us and I spoke with lots of diaabled vets found the place calming. some wer out of control and had to be in a lock down. The bigest things were the people that worked there 80% of them stold it blind and didnt do there jod. solotion opep it back up make sure people do thier jobs and cut the lazy people out 2 months to paint a banaster is outragous. make suprize inspections. put securty camras up and keep an eye on the lazy crooks. step up and and make people do the work. it would never have closed if the people did their jobs and stoped robing the place blind. All we have to do is think we kicked people out that fought for our country and gave it to the prison. How stupid are we have so many prison's but we kick the vets out to make to give it to crimnals. Man are we living in a backwords country. Do something fix it up, give it back to the people who fought for the country. Plus the big thing get honest people to work there. I know it would work, because you ignor your house or car it will go down the crapper. Thats what happened to the V.A. very sad but fixable. make people work and not just sitting drawing a paycheck.
    • reply
      by Billy on Mar 13, 2012 at 01:25 PM in reply to john o'neal
      Ya! And make them take adult education classes so they can learn to read and write too!
  • by A Vet Location: COS on Mar 13, 2012 at 12:15 PM
    Does he really believe Vets want to be lumped in together to "transition" away from real society out in the boonies?! This sounds like a better idea for the homeless or criminals that need a half way house. What military was he in?!
    • reply
      by falcon on Mar 13, 2012 at 04:33 PM in reply to A Vet
      Fort Lyon is in a beautiful setting. People who worked at the correctional facility called it "The Resort".
  • by Jon Location: Colo Springs on Mar 13, 2012 at 12:00 PM
    There were many people who lost their homes to foreclosure who were not included in the settlement because they had mortgages through different companies. They need help as much as those who got part of the settlement.
  • by Dan'o Location: CS on Mar 13, 2012 at 11:49 AM
    Yeeeah, that would be great. Don't put the money towards anything that helps communities make up the income losses from a depressed economy, spend not on improving any state services, but convince veterans ( a federal responsibility) that living in a former prison in the middle of nowhere is better than living on the street. Is it just me, or does it seem wrong that the federal government gets money because of unethical practices in lending, but the people that were bent over don't seem to be getting anything. How about the state use the money to purchase properties that have been left to rot and work with non profits to renovate them for affordable housing?
  • by J Location: Pueblo on Mar 13, 2012 at 11:46 AM
    Seems like a sensible thing to do...considering some vets are homeless and the area needs jobs.
  • by bron on Mar 13, 2012 at 11:46 AM
    Is Colorado now debt free? If not, why shouldn't they spend it on that?
    • reply
      by George on Mar 13, 2012 at 12:25 PM in reply to bron
      It is a totally bad idea. Fort Lyon died when the federal government closed the VA. We don't need to send more veterans out there to die with it. Bill Long and the town of Las Animas should come up with another idea to bilk the state out of money.
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