California not among states that OK bank settlement

More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

Reporting from Los Angeles and Washington—

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

“This enables us to move forward into the very final stages of remaining work,” said Iowa Atty. Gen. Tom Miller, who heads the multi-state settlement negotiations. “Federal and state officials, as well as representatives from the banks, continue to address matters that they must complete before finalizing any settlement.”

Miller would not comment further .

Continued at LA Times >>

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Tags: banks, foreclosure, mortgage servicers, settlement negotiations, state settlement

Category: news