16 Feb CA reaches $18 billion foreclosure deal
On Feb. 9 federal and state officials, including California Attorney General Kamala D. Harris, announced an historic $25 billion foreclosure settlement with five major banks. As one of the hardest hit states by the mortgage crisis, California will receive up to $18 billion that will benefit hundreds of thousands of home-owners who have lost their homes due to improper foreclosure or fraud. It will also help those currently struggling to either make payments on their homes or refinance their loans. California secured the $18 billion agreement as part of a national multistate settlement with banks over mortgage fraud and misconduct. A few months earlier, Harris departed from the more than yearlong negotiations when the estimated relief to California was only $4 billion. In the December issue of The Movement, Harris defended her view that the proposed settlement at the time did not provide enough relief to communities most heavily affected by mortgage fraud.