Quelle Surprise! Banks Whining About Cost of Breaking New California Homeowner Bill of Rights

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Quelle Surprise! Banks Whining About Cost of Breaking New California Homeowner Bill of Rights

Quelle Surprise! Banks Whining About Cost of Breaking New California Homeowner Bill of Rights

Naked Capitalism-

During the protracted negotiations over what was to become the 49 state/Federal mortgage settlement, New York attorney general Eric Schneiderman was hailed as a progressive leader and California’s Kamala Harris was characterized as an opportunist.

Turns out the opportunist cut a much better deal for her constituents than the supposed true believer. Admittedly, Schneiderman laid the groundwork by forming a group seeking tougher terms from the banks than the Administration and the putative leader of the AGs, Iowa’s Tom Miller. But as readers know all too well, Schneiderman torpedoed his group by taking a deal with the Administration to be a co-chair of an obviously toothless mortgage task force. Harris insisted on cutting her own deal for California, which included having her own settlement monitor, and installed the able and knowledgeable Professor Katie Porter.

Harris then further stymied one of the key aims of the deal, which was to institutionalize lax mortgage servicing standards (they include “drive a truck through them” permitted error rates and laughably low penalties) by pushing for, and getting passed, a Homeowner Bill of Rights.

[NAKED CAPITALISM]

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