The largest U.S. banks, eager to get legal protection after widespread evidence emerged of foreclosure shortcuts, are trying to convince California to be part of a multi-state mortgage settlement and not pursue its own aggressive deal.
Representatives of the banks met with California's attorney general, Kamala Harris, in Washington last Friday, in part to discuss concerns unique to California and determine whether the state is on board with a larger deal, according to people familiar with the talks.
The banks see California, with its massive distressed mortgage market, as critical to a wider settlement, especially after New York Attorney General Eric Schneiderman last month was removed from a small panel of AGs negotiating a deal.
Read on.
Meanwhile, Californians pressuring CA Attorney General Harris to reject the mortage settlement. From the LA Times:
Meanwhile, Californians pressuring CA Attorney General Harris to reject the mortage settlement. From the LA Times:
A group of California union leaders, politicians and activists are urging the state attorney general to reject any deal that lacks significant principal reduction for distressed homeowners
California Atty. Gen. Kamala Harris is attracting increasing pressure from powerful Golden State players to reject a major settlement with U.S. banks accused of wrongful foreclosures.
Lt. Gov. Gavin Newsom has joined a group of California union leaders, activists and politicians in calling the direction of negotiations "a deeply flawed settlement proposal with the banks at the heart of the nation's mortgage crisis."
Lt. Gov. Gavin Newsom has joined a group of California union leaders, activists and politicians in calling the direction of negotiations "a deeply flawed settlement proposal with the banks at the heart of the nation's mortgage crisis."
No comments:
Post a Comment