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California Quits States’ Talks With Banks On Mortgages

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A decision on Friday by a California official to withdraw from negotiations with large banks over their mortgage practices threatens to derail a broad settlement that the Justice Department has been brokering for nearly a year.

The proposal being sought by the big banks “is not the deal California homeowners have been waiting for,” wrote Kamala D. Harris, the state attorney general, in a letter to those leading the talks. It is “inadequate,” she wrote.

California is among the states whose homeowners have suffered the most in the housing market collapse, and because of its size, officials involved in the negotiations said banks, including Bank of America, Wells Fargo and JPMorgan Chase, would want its participation before agreeing to settle and to pay substantial sums.

I wonder what carrot will be offered to get California back on message?

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I wonder what carrot will be offered to get California back on message?

All 50 attorneys general, along with federal authorities, began investigating banks after an outcry last year over lenders' sloppy handling of foreclosures, nicknamed robo-signing because bank employees signed sworn documents without reading them. But a proposed settlement was criticized as inadequate and other attorneys general had begun to back away from the table.

She also objected to the idea of relinquishing future legal claims against the banks in exchange for a settlement.


Who is going to win, I will bet heavily it will not be California.

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  • 343 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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