Calfornia attorney general explains decision to leave mortgage settlement talks

Andrew Edwards, Staff Writer
Posted: 10/04/2011 03:56:03 PM PDT

State Attorney General Kamala Harris said Tuesday she left national settlement talks with lenders over potential mortgage and foreclosure violations because she doesn’t expect a deal will provide enough compensation for troubled California homeowners.

“I do not believe that the total number of Californians who are in foreclosure would be eligible for relief,” Harris said in a conference call with reporters.

Harris also said she was concerned that a deal would allow lenders to escape civil, or even criminal, penalties for alleged wrongdoing.
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California attorney general explains her leaving mortgage settlement talks

By Andrew Edwards, Staff Writer
Posted: 10/04/2011 03:56:03 PM PDT

California Attorney General Kamala Harris held a conference call today to explain her decision to leave national settlement talks with lenders over potentially illegal mortgage and foreclosure practices.

In the call, Harris said the state is experiencing a renewed wave of foreclosures and that the dollar figures being discussed in negotiations would not be sufficient to provide relief to Californians at risk of foreclosure.

Harris first announced her withdrawal from settlement talks on Friday. Her leaving clears the way for California to press its own investigation of lending and foreclosure practices, which she said may lead to civil or even criminal filings against lenders.
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