Money from a landmark mortgage abuse case is helping fund a Denver domestic violence center.
Colorado Attorney General Cynthia Coffman announced Tuesday that $1 million collected from the National Mortgage Settlement would go to the Rose Andom Center, a joint effort by community organizations and government agencies to help domestic violence victims.
The grant money, given this week in honor of National Crime Victims’ Rights week, comes from a $25 billion agreement with the nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses.
The case was brought by the Justice Department, the Department of Housing and Urban Development and 49 state attorneys general and filed against Bank of America Corporation, J.P. Morgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc.
The grant will be used to complete Colorado’s first center dedicated to addressing the well-being, self-sufficiency and housing needs of thousands of domestic violence victims, the Attorney General’s Office said. More than 4,000 cases of domestic violence are reported each year in Denver.
While Colorado’s housing economy has rebounded, victims of domestic violence have a need for housing, the Attorney General’s office said. Funds from Colorado’s portion of the National Mortgage Settlement are specifically earmarked for foreclosure prevention, loan modification and housing.
“I think that the critical need for temporary and permanent housing solutions for the victims of domestic violence and their children, and the ability of the Rose Andom Center to help facilitate access to those housing needs, makes this a perfect fit for the use of those settlement dollars,” Coffman said.
Monica Mendoza covers banking and financial services, legal services, the economy and economic development, and sports business and contributes to the “Finance & Law” blog. Phone: 303-803-9230.