California Pulls Out Of 50-State Foreclosure Talks
Fri, 09/30/2011 - 19:56 EDT - NPR - National Public Radio (Business News)
California Attorney General Kamala Harris said she will not agree to a settlement over foreclosure abuses that federal officials and other state attorneys general are negotiating with major U.S. banks.» E-Mail This» Add to Del.icio.us
SACRAMENTO, Calif. (AP) -- California Attorney General Kamala Harris says she will not agree to a settlement over foreclosure abuses that other state attorneys general are negotiating with major U.S. banks....
This is a comment from The Institutional Risk Analyst from last summer. Since then the California Bill of Rights has gone into effect and this comment has landed me on the enemies list with consumer advocates and trial lawyers. Thought we should have an evergreen of this comment on ZH. Just remember Kamala Harris when the expected HPA fails to materialize in 2013 and CA starts to behave a lot like NY, CT, NJ. -- Chris
Remember that big, ballyhooed mortgage settlement of early last year? The one where homeowners got $25 billion of relief (well actually only around $5 billion in cold cash, but why bother with pesky details?) The one made possible by Eric Schneiderman abandoning his fellow state attorneys general to grasp the brass ring of a do-just-about-nothing Residential Mortgage-Backed Task Force?
State attorneys general are negotiating with some of the nation's largest mortgage lenders to create a fund that would compensate people who lost homes in an improper foreclosure. Details are still being worked out, and it's not clear how an "improper" foreclosure is defined. » E-Mail This » Add to Del.icio.us
California Attorney General Kamala Harris, who dropped out of talks aimed at wringing a settlement from banks accused of foreclosure abuses, remains open to a deal if it involves "a stronger proposal" from lenders.