California Joins Multi State Mortgage Agreement
Thursday, February 9, 2012
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.