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S.C. House gives mortgage settlement money to Commerce

South Carolina State CapitolSouth Carolina House Republicans want to give about $25 million from a nationwide mortgage settlement to the Commerce agency to help lure companies to the state, while Democrats contend that money is meant to help people facing foreclosure stay in their homes.

The House voted Wednesday to use the money to close economic development deals.

Republicans killed an effort by Democrats to send some of the money to state Housing Authority programs and some to a loan program for developers to build apartments.

South Carolina’s share of the landmark $25 billion settlement with five of the nation’s biggest lenders is expected to be about $33 million.

Republicans contend giving to Commerce helps bring jobs so people at risk of losing their homes can keep paying their mortgage.

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