JEFFERSON CITY • The Missouri House Budget Committee chairman said today that he supports Gov. Jay Nixon's proposal to use $40 million of a multistate bank settlement to ease higher education budget cuts.

The chairman, Rep. Ryan Silvey, said legislators already had planned to find a way to soften Nixon's proposed  $106 million cut for the state's four-year and two-year public colleges and universities.

"I'm glad the governor is finally starting to listen to legislators and the people of this state who make education a priority," said Silvey, R-Kansas City.

The newfound money will come from a national mortgage settlement with companies that used improper ways to speed foreclosures, such as by putting fake signatures on required documents.

Attorney General Chris Koster plans a news conference at 3:15 p.m. today in St. Louis to release details of the settlement.

Earlier, he estimated that Missouri could get $40 million to spend as it pleases and an additional $100 million to help people who are struggling to pay their mortgages or have lost their homes to foreclosure.

Nixon announced Tuesday that he wanted to use $40 million of the settlement to soften his cuts to higher education.

If the Legislature accepts Nixon's plan, colleges and universities would see a 7.8 percent cut in their state funding instead of 12.5 percent as Nixon originally proposed.

For example, the windfall would restore $18.78 million to the University of Missouri and $452,481 to Harris-Stowe State University in St. Louis.

While that could relieve some of the pressure for tuition hikes, Silvey said some students still may be asked to shoulder more of the cost.

"Remember, this governor has cut higher education every year. None of us want to see tuition hikes, but he's hurt them pretty bad," Silvey said.