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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsCalifornia calls $25-billion mortgage settlement 'inadequate'
California calls $25-billion mortgage settlement 'inadequate'
By Alejandro Lazo
Calif. Atty. Gen. Kamala D. Harris' office has called a proposed $25-billion settlement with the nations mortgage industry inadequate.
"We've reviewed the details of the latest settlement proposal from the banks, and we believe it is inadequate for California, Shum Preston, a spokesman for Harris, said in a statement. Our state has been clear about what any multistate settlement must contain: transparency, relief going to the most distressed homeowners and meaningful enforcement that ensures accountability. At this point, this deal does not suffice for California."
<...>
Schneiderman was appointed Tuesday by President Obama as co-chairman of a new investigative effort that will try to coordinate existing federal and state probes into mortgage practices before the financial crisis. Schneiderman promised Wednesday to move aggressively.
A spokesman for Schneiderman said in a statement that the New York attorney general would not sign onto a foreclosure settlement that would limit his ability to carry out investigations of the mortgage crisis.
- more -
http://www.latimes.com/business/money/la-fi-mo-mortgage-settlement-20120125,0,7414913.story
By Alejandro Lazo
Calif. Atty. Gen. Kamala D. Harris' office has called a proposed $25-billion settlement with the nations mortgage industry inadequate.
"We've reviewed the details of the latest settlement proposal from the banks, and we believe it is inadequate for California, Shum Preston, a spokesman for Harris, said in a statement. Our state has been clear about what any multistate settlement must contain: transparency, relief going to the most distressed homeowners and meaningful enforcement that ensures accountability. At this point, this deal does not suffice for California."
<...>
Schneiderman was appointed Tuesday by President Obama as co-chairman of a new investigative effort that will try to coordinate existing federal and state probes into mortgage practices before the financial crisis. Schneiderman promised Wednesday to move aggressively.
A spokesman for Schneiderman said in a statement that the New York attorney general would not sign onto a foreclosure settlement that would limit his ability to carry out investigations of the mortgage crisis.
- more -
http://www.latimes.com/business/money/la-fi-mo-mortgage-settlement-20120125,0,7414913.story
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California calls $25-billion mortgage settlement 'inadequate' (Original Post)
ProSense
Jan 2012
OP
Why? Do they think people should go to *jail* for massive wholesale perjury?
MannyGoldstein
Jan 2012
#3
Angry Dragon
(36,693 posts)1. good
Cali_Democrat
(30,439 posts)2. Inadequate?
Understatement of the year. How about horseshit?
MannyGoldstein
(34,589 posts)3. Why? Do they think people should go to *jail* for massive wholesale perjury?
Shame on CA.
RB TexLa
(17,003 posts)4. you mean the borrowers who signed documents without reading them?
mike_c
(36,281 posts)6. dude, without the sarcasm smilie...
...that's probably a bit too subtle for many here.
until there's an actual settlement. The fun is just starting.
ProSense
(116,464 posts)7. Looks like
the rumor turned out to be false, huh?
mike_c
(36,281 posts)5. that's my attorney general!
Kamala Harris ROCKS!
ProSense
(116,464 posts)9. Can't wait
until they announce a deal. It isn't likely to be anytime soon, but it will be welcomed.