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California
Latest Headlines
Latest Headlines
States, banks finally ink $26B mortgage settlement
People were starting to wonder if this was ever going to happen.
After more than a year of talking, state attorneys general inked a $26 billion deal with banks to settle a litany of residential mortgage abuses. The biggest surprise was that in the end, California and New York--two influential
California, New York might sign on to settlement
When the New York attorney general sued three big consumer banks and MERS last week, it seemed like a thumb up the nose of the majority of other states who were on the verge of signing a deal to settle a host of mortgage crimes, such as robo-signing.
In a twist, New York, which had made a nois
Mortgage settlement stall continues
The Iowa-led coalition of states--currently negotiating with big banks about a global settlement to a litany of mortgage and foreclosure abuses--has frayed to the point that a meaningful deal may not be possible.
The fact that California and Nevada have decided to pursue their own joint invest
California pivotal in settlement drama
Will we ever get a deal between the big banks and the state attorneys general?
The negotiations have stretched on and on. And it looks now like one state will play a huge role in determining whether a deal can be reached at all. You might think that state would be New York, whose AG has been a
Foreclosure 'victims' in California can't hire attorneys
There has always been a seamy underbelly to home mortgage modifications. Let's face it, a whole crop of scam artists emerged to take advantage of desperate people. To combat this, the state of California passed a law that forbids homeowners from paying lawyers who work on loan modifications until
Wells Fargo to provide $2.4B in relief to California homeowners
On the heels of the news that Arizona and Nevada have sued Bank of America, Wells Fargo ( NYSE: WFC ) and the attorney general of California have announced a settlement that calls for the bank to provide relief of up to 2.4 billion to California homeowners who chose so-called pick-a-payment loan
Probe: Goldman Sachs's bets did not knock California bonds
As the controversy over Goldman Sachs' ( NYSE: GS ) proprietary investment and trading operations heated up, there were many who thought that the firm was inappropriately dealing with the state of California and other municipal and state issuers. Indeed, it was big news when ProPublica
California sues State Street
"This is just the latest example of how clever financial traders violate laws and rip off the public trust," says the California attorney general. He's referring specifically to State Street, whom the state has just sued to recover $200 million in overcharges and penalties stemming from allegedly
Bank conundrum on California IOUs
Bank of America, Citigroup, Wells Fargo and JPMorgan Chase were among the banks that committed to accepting state IOUs as payment. That was seen as a boon to California's attempt to slog through a crippling budgetary crisis. But now the banks say they will stop honoring the IOUs on Friday. The ban
More on California IOUs
We suggested recently that a secondary market was forming for California IOUs. Turns out there has already been some activity via Craigslist and eBay. We've had a secondary market infrastructure all along. The state of California has been forced to set some strict ground rules for what it will red
