By BVN Staff –
Attorney General Kamala Harris announced that California would be pulling out of the national settlement talks with the banking industry concerning unlawful mortgage and foreclosure practices. While the talks have been going on, three more areas have been included in the hardest hit. Harris said it is detrimental to California to continue and she will be taking an independent path, one that will pressure the truth that uncovers what led to this problem.
“We will no longer be a part of the negotiations because I don’t believe it will bring a fair deal to homeowners in California,” said Harris in a conference call on Monday.
“California is hurting. We have more homes and the most home borrowers in default. During the period we have been negotiating, more than 500,000 additional homes in California have fallen into the foreclosure process,” she said in a letter to the Department of Justice, Honorable Thomas Perelli and Iowa Attorney General Honorable Tom Miller.
California has only 36% of the mortgages and 55% of the affected properties are located in California.
“This is one of my highest priorities,” said Harris. She said when the talks began there were 5 communities throughout the state that were severely impacted that number has grown to eight now. The hardest hit communities include, Modesto, Vallejo/Fairfield, Stockton, San Bernardino/Riverside, Sacramento, Fresno, and Visalia/Porterville.
Harris said she would continue to investigate the mortgage practices and has given her Strike Force team the mandate to investigate all stages of the mortgage fraud. She warned Californians to be careful with people who charge to help with a foreclosure. “Do not pay to get help.” Go to the www.hud.gov.
She said the effort to inform people will take human capital.
She said people who don’t speak English or just don’t know the system are particularly vulnerable.
She says we have to encourage community organizations, community groups and person by person to tell about the predators out there taking advantage of others.
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