Tuesday, October 4, 2011

California AG On Proposed Foreclosure Fraud Agreement With Banksters: 'This Deal Stinks, So I'm Takin' A Hike! I'm Goin' Solo & I'll Do My Own Probe!"

Bloomberg reports:

  • A proposed nationwide settlement with banks including Bank of America Corp. and JPMorgan Chase & Co. is being rejected by California Attorney General Kamala Harris, who will pursue her own mortgage investigation in the state that had the second-highest foreclosure rate in August.

  • The proposed agreement is “inadequate” and would allow too few California homeowners to stay in their homes, Harris said in a letter yesterday obtained by Bloomberg News.

  • After much consideration, I have concluded that this is not the deal California homeowners have been waiting for,” Harris, a Democrat who took office in January, said in the letter to the U.S. Justice Department and the Iowa attorney general, who is leading talks for the states.


  • I am committed to doing as thorough an investigation as is needed -- and to taking the time that is necessary -- to set the stage for achieving appropriate accountability for misconduct,” she wrote in the letter.

For more, see BofA, JPMorgan Proposed Accord Rejected by California’s Harris.

See also, The Wall Street Journal: California Pulls Out of Foreclosure Talks (Move Is Serious Blow to Federal and State Effort to Reach $25 Billion Deal With Banks Over Questionable Practices) (may require paid subscription; if no subscription, GO HERE; or TRY HERE - then click appropriate link for the story).

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