banking settlement


How Kamala Harris played hardball and won $18 billion to help California homeowners 

Story by Miriam Raftery, photos by Ron Logan

February 13, 2012 (San Diego) – Last September, the U.S. Department of Justice and attorney generals from other states were ready to sign a multi-state settlement of misconduct by banks that resulted in foreclosures.  The deal on the table? An estimated $4 billion or less for California, the state hardest hit by the foreclosure crisis. Moreover, no wrongdoers would be prosecuted.

So California’s Attorney General Kamala Harris stood up—and walked out. 

Her actions led to a dramatically different settlement reached last week that is expected to ultimately reach $40 billion—including an estimated $18 billion for California and $1.5 billion for San Diego homeowners.

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