South Carolina is not among the states announcing tentative plans for money they will receive as part of a more than $25 billion 49-state settlement with five of the nation's largest lenders over abusive mortgage-related practices.
"Our plan will be made public when and if this settlement becomes final," said Mark Plowden, communications director for S.C. Attorney General Alan Wilson.
Ten percent of the settlement money, $2.5 billion, will be divided among participating states, and is meant for foreclosure prevention and education efforts. South Carolina expected to receive $33.8 million.
Bloomberg reported today that Wisconsin plans to use part of its $140 million share to cover a state budget deficit, while Missouri would devote $40 million to education, and Ohio wants to tear down vacant homes.
The 90 percent of the settlement money that won't go to state governments will be used by the lenders to reduce loan amounts on about 1 million homes, and to send checks worth about $2,000 each to roughly 750,000 people who lost their homes to foreclosure.