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California exits foreclosure talks

Action guarantees prolonged economic malaise.

While not taking a position on either side of the fence for the States/Consumers vs. Banks this pretty much guarantees to prolong the economic slump plaguing our economy.  I don’t doubt the banks attorneys want them to walk clean after throwing some money at the problem & State Attorney Generals are politicians after all so this is probably not surprising.

There is no doubt the American public is generally pretty much angry and discouraged with the financial system and the politicians in our great country (heck bankers may even score lower than attorneys on the public likeability polls).  Too many years of what can you do for me and our willingness to have a short memory and voluntary cognitive dissonance have let things run unchecked too long so that the financial system has nearly hung itself with its own rope.

Well California has officially bailed from the collective negotiations between the fifty States AG’s and several of the large national banks.  Kind of funny if you think of a committee much less a room full of attorneys agreeing to anything.  It’s only taken them 11 months to get to the point of so much compromise that it’s even so bad the CA AG decided to pull out.  Here’s the article for you, I’ve got some football to go watch.

CA exits foreclosure talks

California Atty. Gen. Kamala Harris is bowing out of nationwide talks aimed at settling charges that banks wrongfully foreclosed on homeowners, vowing that her office would launch a more rigorous investigation.

The decision Friday is a major setback to negotiations that had been backed by the White House and dozens of national officials. The 50-state coalition, of which Harris had been a lead member before Friday, has come under fire for potentially letting off banks that include Bank of America Corp. and JPMorgan Chase & Co. too easily.

Harris said the nation’s five largest mortgage servicers were not offering California homeowners relief commensurate to what people in the state had suffered. She also objected to the banks’ demands that they be granted broad release from further investigations into Wall Street’s role in the mortgage meltdown.




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