White House Muscles California Into Joining Settlement Agreement

Posted by Orb Staff on February 06, 2012 No Comments
Categories : Mortgage Servicing

10874_01harp White House Muscles California Into Joining Settlement Agreement The Obama administration has been putting pressure on California Attorney General Kamala D. Harris to get her signature on the pending mortgage servicing settlement agreement between the nation's five leading banks and a coalition of federal and state agencies.

The Los Angeles Times, citing an unidentified source, reports that the Obama administration has aggressively pursued direct talks with Harris, who had been among the most vocal critics among state attorneys general on the focus of the settlement talks. Harris previously announced that the proposed $25 billion settlement was inadequate for California and gave indications that she would not sign the agreement. However, Harris issued a statement last night suggesting that she may be willing to change her mind.

‘For the past 13 months we have been working for a resolution that brings real relief to the hardest-hit homeowners, is transparent about who benefits and will ensure accountability,’ Harris said. ‘We are closer now than we've been before, but we're not there yet.’

No time has been set regarding when the official settlement will be announced. The settlement deadline was originally scheduled for Feb. 3, but was postponed until today.

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