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California Joins Multi-State Deal with Banks on Mortgages

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(Sacramento, CA)
Thursday, February 9, 2012

Harris says the state could see up to 18-billion dollars in help for homeowners. Twelve billion will go toward reducing the principals on loans for some 250-thousand homeowners who are underwater and behind on payments. There will also be some restitution for those foreclosed upon from 2008 through 2011.  Even though a federal monitor will oversee the multi-state deal with banks, Harris says she's appointing one for California...

"Who will help us ensure that this deal gets done and who will be someone who is respected and understands the system well enough to get down into the detail which of course is the difference between a deal being real and some grand gesture."

Harris says the deal covers loans owned by five large banks.  Meanwhile, she plans to keep pushing for concessions from Fannie Mae and Freddie Mac.


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