By Mary Jo Pitzl | The Arizona Republic
State officials acted legally when they took $50 million from a national mortgage-settlement fund and used it to help balance the state budget, the state Court of Appeals ruled Tuesday.
The opinion frees the state to put the money in the general fund once a stay on the money expires April 1.
However, attorney Tim Hogan of the Arizona Center for Law in the Public Interest, who brought the suit on behalf of housing advocates, said he is considering an appeal to the state Supreme Court.
The case stems from the Legislature’s move last year when it sought money to help balance the fiscal 2013 budget and turned to the $97.8 million mortgage settlement. Arizona was one of 49 states that sued five major mortgage lenders over improper practices.
