State attorneys general are closer to foreclosure settlement

Seeking to draw California back to settlement talks, state attorneys general and federal agencies offer a proposal for banks to devote $5 billion to refinance the mortgages of as many as 300,000 "underwater" U.S. homeowners.

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?

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices.

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....

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.

During the protracted negotiations over what was to become the 49 state/Federal mortgage settlement, New York attorney general Eric Schneiderman was hailed as a progressive leader and California’s Kamala Harris was characterized as an opportunist.