skip to main content

Listen

Read

Watch

Schedules

Programs

Events

Give

Account

Donation Heart Ribbon

California Joins Multi State Mortgage Agreement

Aired 2/9/12 on KPBS News.

California Attorney General Kamala Harris says homeowners hit by the mortgage crisis should see help coming within a matter of months.

California Attorney General Kamala Harris said homeowners hit by the mortgage crisis should see help coming within a matter of months. Harris announced Thursday that California is joining a multi-state deal with five major mortgage lenders. Harris said California's share could result in up to 18-billion dollars in relief.

"The deal that is specific to California includes 12-billion dollars of principal reductions and short sale relief for California homeowners," explained Harris.

Harris said California will get more than 800-million dollars in help for homeowners who are current on their payments but underwater on their loans. People who lost homes to foreclosure between 2008 and the end of 2011 will receive restitution.

Harris said this negotiated deal is much better than the one she walked away from last September, which was around four-billion dollars.

Comments

Avatar for user 'Peking_Duck_SD'

Peking_Duck_SD | February 9, 2012 at 4:13 p.m. ― 2 years, 7 months ago

Does this mean people with mortgages *not* held by Frannie and Freddie will finally be eligible ?

( | suggest removal )