California not among states that OK bank settlement (Foreclosure Scam)

[jannyk]

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them. California Atty. Gen. Kamala Harris was locked in last-minute negotiations with servicers and officials from other states and the Obama administration as the deadline expired with no decision on whether they would sign on, according to a person familiar with the discussions. Negotiations, however, remained fluid, said the person, who was not authorized to speak publicly and requested anonymity.

The long-sought deal would provide relief for homeowners and settle a host of investigations into the foreclosure paperwork practices of the five largest mortgage servicers. The size of California's mortgage market — about 14% of existing home loans nationwide, according to industry data company CoreLogic Inc. — makes Harris a major player in the down-to-the wire talks with Bank of America Corp., JPMorgan Chase & Co., Wells Fargo & Co., Citigroup Inc. and Ally Financial Inc.

Harris has been trying to strike more favorable terms for state residents hurt by the robo-signing fiasco two years ago in which mortgage servicers allegedly used illegal or questionable methods to sign foreclosure documents. She walked away from a proposed deal in September because she said it was inadequate for Californians, but she and others would not disclose how much of the current $25-billion proposal was earmarked for the state.

One major stumbling block is California's concern that the deal would release the large servicers from legal action, including violations of state laws, for issues that had not been thoroughly investigated, including securities probes related to losses sustained by the California Public Employees' Retirement System, the nation's largest public pension fund.

Much more at link:
http://www.latimes.com/business/realestate/la-fi-foreclosure-settlement-20120207,0,5999524.story

Yay for Kamala Harris!!!

[Firebrand Gary]

1. K&R for Kamala Harris

[JDPriestly]

2. K&R. Great job, Kamala Harris.

We all remember how Schwarzenegger harmed the state by dealing too easily on Enron. California was seriously harmed by Enron's cheating but was never adequately compensated for its loss. And the crisis in California today is partly due to that Enron problem.

[aquart]

3. Stand firm, Kamala Harris.

Don't let the banks bully you into doing something the rest of us will regret.

[sabrina 1]

4. She does deserve credit for not caving into the pressure to let them off the hook.

Imo, there should be no settlement. No one bailed out the homeowners, and none of those banks were willing to settle with the people they threw out on the streets.

If people want to sue, they should be able to do that. I doubt that the homeowners will see much of any settlement anyhow. Look what happened to the money that was set aside to help people stay in their homes. Most of it has not been spent and Geithner has refused to explain why.

[DCKit]

5. Yay. But the AGs of 40 other states DID sign on.

If CA and NY's foreclosed get a better deal, there's going to be hell to pay.

[Magoo48]

6. Our citizens were financially raped. If the perp pays you later to save his ass,

you're still left with with the violence of the act to deal with. You can't just pay a fine for this kind of shit like it was a fucking traffic ticket. Stand tall Ms. Harris.

[xchrom]

7. du rec. nt

[girl gone mad]

8. k & r