California breaks from 50-state probe into mortgage lenders

[Celebration]

Source: LA Times

California Atty. Gen. Kamala Harris will no longer take part in a national foreclosure probe of some of the nation's biggest banks, which are accused of pervasive misconduct in dealing with troubled homeowners.

Harris removed herself from talks by a coalition of state attorneys general and federal agencies investigating abusive foreclosure practices because the nation's five largest mortgage servicers were not offering California homeowners relief commensurate to what people in the state had suffered, Harris told The Times on Friday.

The big banks were also demanding to be granted overly broad immunity from legal claims that could potentially derail further investigations into Wall Street's role in the mortgage meltdown, Harris said.

“It has been a process of negotiating and sitting at a table in good faith, but ultimately I have decided that we have to go our own course and take an independent path. And that decision is because we need to bring relief to Californians that is equal to the pain California experienced, and what is being negotiated now is insufficient," Harris told The Times in an interview.


Read more: http://latimesblogs.latimes.com/money_co/2011/09/california-atty-gen-kamala-harris-breaks-from-national-foreclosure-probe.html

[xiamiam]

1. great news..nt

[geckosfeet]

2. Broke because the negotiations are heading towards another capitulation to banking interests.

Yet another taxpayer funded capitulation to the interests of the finance industry.

Good. I am glad they are pursuing their own, hopefully more aggressive action.

[Daltons]

46. Let's hold the banksters accountable?

What am I missing here?? She is holding out for more money. OK.
After which the banksters will get a get out of jail free card?
Enough of this BS.

[Angry Dragon]

3. She deserves a pat on the back and a handshake

[bemildred]

4. She just got my vote, any time she wants it. nt

[Auntie Bush]

30. +2

[alp227]

5. What would Steve Cooley have done?

I'm fortunate to have such a brave AG here. As district atty. of San Francisco, Harris also implemented rehab programs for some first-time non-violent criminals to keep recidivism in check. I'm glad that Harris is standing up to principle and walking away from this .

[KamaAina]

45. Remember, Kamala barely got over in a Dem year (out here, anyway)

The key: Steve Cooley had been elected and re-elected as L.A. County DA -- in nonpartisan races. Running as a repuke, he lost L.A. County to Kamala, a candidate from San Francisco with essentially no name recognition down there. Go figure.

[cal04]

6. California Rejects 50-State Foreclosure Settlement, Will Conduct Own Probe

Source: Bloomberg

California Attorney General Kamala Harris is rejecting a proposed settlement with U.S. banks over their foreclosure practices, saying she will instead pursue her own mortgage investigation in the most populous state.

The proposed agreement is “inadequate” and would allow too few California homeowners to stay in their homes, Harris said in a letter today 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.

All 50 state attorneys general last year announced they were investigating bank foreclosure procedures following complaints that the companies were using faulty documents in seizing homes.

Read more: http://www.bloomberg.com/news/2011-09-30/california-rejects-50-state-negotiations-over-bank-foreclosures-pracitices.html

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http://latimesblogs.latimes.com/money_co/2011/09/california-atty-gen-kamala-harris-breaks-from-national-foreclosure-probe.html
California breaks from 50-state probe into mortgage lenders

[xchrom]

7. Excellent. Nt

[McCamy Taylor]

8. As goes California...

[buckrogers1965]

48. The settlement will immunize banks against anything illegal.

No matter what they did or will do in the future. Count on it.

Our country is failing and our institutions are turning against the people.

Our only hope is to put any banker in prison that violated any law.

[StarsInHerHair]

9. I hope she truly does mean going after the Banking Cartel

[Seedersandleechers]

10. K&R

[rurallib]

11. California should join with New York & Delaware and go after them.

screw my AG Tom Miller. (One of my biggest disappointments ever)

[truedelphi]

25. California should. n/t

[quakerboy]

26. Yup

That would be 18% of the population, even with only three states.

I would guess that if California did, they might be able to get a few more states to jump out of the "corporate approved deal" and join up to actually pursue the case. The only problem is they might all do it for show, and then smart money says we end up with the same deal they are proposing now.. payoffs to get everyone off the hook.

[Atypical Liberal]

12. I wonder if we are going to see principle re-negotiations. n/t

[Name removed]

13. Deleted message

Message removed by moderator. Click here to review the message board rules.

[NBachers]

14. Good For You Kamala Harris!

I voted for her in the San Francisco Mayor's race; I voted for her as Attorney General. I like Kamala Harris!

[me b zola]

15. K&R

[pam4water]

16. Yeah!

[Oldtimeralso]

17. K & R

I wish Lisa Madigan had the guts to do this, but she has to listen to daddy!

[Tumbulu]

18. Great job, Kamala Harris! (nt)

[wordpix]

19. wow, a breath of fresh air, thank you, Calif. Let's hold the banksters accountable

[Auntie Bush]

31. Maybe that's the real reason banks won't lend money to business. They are hoarding

it in case they need it to pay back home owners for their crimes of theft and law suits. They're going to need plenty of mullah for that if the home owners are to see justice!

[FarCenter]

41. They need billions to pay their legal fees

This will now be trench warfare on a case by case basis in the courts.

[SoapBox]

20. And...in the Friday Los Angeles Times...was an ad from B of A, bragging how they have helped...

homeowners with mortgage problems.

My first thought this morning was...bullshit.

[plumbob]

21. Excellent! More like this, please!

Lots more!

[Supersedeas]

34. It's a step in the right direction

[DeSwiss]

22. K&R n/t

[yurbud]

23. she's got my re-election vote. Instead of settlement, these guys should be locked up,

and subject to asset forfeiture until they make restitution.

[AsahinaKimi]

24. Yay

nice

[Le Taz Hot]

27. She wouldn't deal!

Yess!!!

[xxqqqzme]

28. She is well on her way to

being a stellar AG for the state. I don't think she will have to worry about another nail biter election.

[wryter2000]

36. She's a good one

We're very proud of her in the bay area.

[Scuba]

29. The banks asking for immunity shows just how arrogant they are. n/t

[Kind of Blue]

32. KnR! Thanks, Celebration. n/t

[lovuian]

33. thank God some people have a heart

giving banks immunity makes me sick

these banks stole America's future and our children's future
destroyed our economy

and they are thinking of giving them immunity
:argh:

[xxqqqzme]

35. Well, well

"...The move by Harris to reject the settlement talks is also a key departure from efforts by the Obama administration, which has been pushing for a fast resolution to the so-called robo-signing scandal that erupted last year.."



The deck is so stacked, why does anyone want to play?

[The Backlash Cometh]

37. California, leading the way, once again.

[patrice]

38. K&R - for Wow!! Good News!!

[Initech]

39. Ten bucks says someone was bribed to make this happen.

Oh wait - in government circles they're referred to as "kickbacks".

[Throd]

40. Yay.

[nineteen50]

42. And so

The public sector has taken on the debt created by the financial sector crashing the economy and now it is time for the financial sector to repay its debt with a substantial financial transactions tax.

[lonestarnot]

43. k & r!

[BEZERKO]

44. Cat food commissions all over the place aren't there?

[Honeycombe8]

47. Good for her! Yet another woman with cajones. We need to elect more women.

They seem to have a fearlessness that many of the men don't. Maybe because they had to claw their way into their positions, to begin with. So only the tough ones make it to the top.