Proposed Bank Foreclosure Deal Called ‘Inadequate’ by California’s Harris

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Proposed Bank Foreclosure Deal Called ‘Inadequate’ by California’s Harris

Proposed Bank Foreclosure Deal Called ‘Inadequate’ by California’s Harris

If this deal doesn’t suffice for you, imagine what the people who are damaged think about this?

Bloomberg-

A proposed multistate settlement with Bank of America Corp. (BAC), JPMorgan Chase & Co. (JPM) and three other U.S. mortgage servicers to resolve probes of foreclosure practices is “inadequate for California,” state Attorney General Kamala Harris’s office said.

The attorney general reviewed the latest settlement proposal from the banks, which include Citigroup Inc. (C), Wells Fargo & Co. and Ally Financial Inc. (ALLY1), said Shum Preston, a Harris spokesman, in an e-mailed statement today.

“Our state been clear about what any multistate settlement must contain: transparency, relief going to the most distressed homeowners, and meaningful enforcement that ensures accountability,” Preston said in the statement. “At this point, this deal does not suffice for California.”

[BLOOMBERG]

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