Monday, October 03, 2011

Stick a Fork in the AG Mortgage Settlement
- It's done

California attorney general Kamala Harris announced that her state was pulling out of the proposed 50 state settlement with the major mortgage servicers. Since New York and some other states had already pulled out, the loss of California suggest that there really isn't the possibility of a deal worth doing -- if there ever really was one.

This is both good and bad news for borrowers who are behind. It is good news because you don't have to worry about a broad release of claims that could take away foreclosure defenses. It is bad news because without broad-stroke handling of numerous claims, we aren't going to get to any solution fast of our foreclosure mess.

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