as attorney general harris took on big banks who defrauded homeowners during foreclosure?

What law did Harris push for?

Additionally, Harris pushed for the California Homeowner Bill of Rights in 2012, considered the nation’s strongest foreclosure protection law at the time. Critics, however, contend that Harris was not aggressive enough in prosecuting bank executives.

Who endorsed Harris for the Senate?

Elizabeth Warren, who appeared in a campaign ad in 2016 in which she endorsed Harris for U.S. Senate and called her "fearless.". "As the fraud was being uncovered, many of the AGs were yelling ‘Settle, settle, settle.’. They just wanted to get their hands on the money. ….

How much relief did Harris give to California?

Harris often describes the total as $20 billion in relief for California, which includes nearly $2 billion from the national deal. She described securing the assistance as "a tremendous victory for the people of California.". The negotiations won Harris praise from the likes of Massachusetts.

How many homes were lost in foreclosure in California?

In California and across the nation, the foreclosure crisis was devastating. Nearly 10 million homeowners lost their homes to foreclosure sales between 2006 and 2014, according to research by Marketplace.

When did the Homeowner Bill of Rights go into effect?

It was signed into law by then-Gov. Jerry Brown in July 2012 and went into effect Jan. 1, 2013.

Why did mortgages balloon?

As home values plummeted, mortgage payments ballooned, often due to predatory lending practices. Homeowners found themselves "under water," owing hundreds of thousands of dollars more than the value of their homes. Then, as the wider economy collapsed, many lost work and the ability to stay in their homes.

Who is the California Attorney General who took on the big banks?

Kamala Harris Says She ‘Took On The Big Banks’ As California Attorney General. Did She Go Far Enough? - capradio.org

How Did Kamala Harris ‘Take On The Big Banks’?

Through interviews with housing policy experts and consumer advocates, and reviewing news articles and documents over the past decade, we found Harris did play a central role in securing billions of dollars in relief funds and new protections for California homeowners facing foreclosure . She’s been widely praised for these achievements.

What law did Harris push for?

Additionally, Harris pushed for the California Homeowner Bill of Rights in 2012, considered the nation’s strongest foreclosure protection law at the time.

How many homes were lost in foreclosure in California?

In California and across the nation, the foreclosure crisis was devastating. Nearly 10 million homeowners lost their homes to foreclosure sales between 2006 and 2014, according to research by Marketplace.

Why did mortgages balloon?

As home values plummeted, mortgage payments ballooned, often due to predatory lending practices. Homeowners found themselves “under water,” owing hundreds of thousands of dollars more than the value of their homes.

How much money did Harris spend on California?

The groups saw the amount on the table, described later by Harris as between $2 billion and $4 billion for California, as inadequate.

Which mortgage companies are required to provide mortgage relief in California?

The California Agreement required the three largest mortgage companies — Bank of America, JPMorgan Chase, and Wells Fargo — to provide mortgage relief for California homeowners under more stringent requirements than the national deal.

How long was Kamala Harris a prosecutor?

Just two years into her first term as a senator, Harris, 54, relies heavily on the campaign trail on her experience as an elected prosecutor in California, including six years as attorney general in the aftermath of the mortgage crisis. In 2011, she famously walked away from the table when attorneys general from other states were negotiating ...

Who had the least luck in the mortgage crisis?

But consumer advocates who worked with California homeowners during the mortgage crisis say the most vulnerable – limited English speakers, the disabled, widows and minorities - had the least luck obtaining relief.

What is Kamala Harris's signature accomplishment?

Senator Kamala Harris touts as a signature accomplishment the $20 billion relief settlement she secured as California attorney general for homeowners hit hard by the foreclosure crisis.

What did Kamala Harris do to help California?

A few years later, Harris also championed a Homeowners Bill of Rights in California that helped protect consumers in the wake of the crisis.

How much money was used to forgive a short sale?

Of the roughly $18 billion offered to consumers to reduce what they owed on loans, about $9.2 billion was used to forgive money lost when people sold their homes for less than they owed, known as a short sale. Another $4.7 billion was used to forgive some or all of the money owed on second mortgages.

Who is Kamala Harris speaking to?

FILE PHOTO: U.S. Senator Kamala Harris speaks to members of the American Federation of Teachers in Detroit, Michigan, U.S. May 6, 2019. REUTERS/Rebecca Cook/File Photo. Consumer advocates praise Harris for demanding more money from the banks and for backing stronger protections for homeowners. But thousands of people still lost their homes ...

Who are Warren and Sanders?

Warren and Sanders, who serve with Harris in the Senate, have led the charge among progressives calling for aggressive regulation and oversight of financial institutions. Warren has proposed making it easier to jail executives whose companies commit wrongdoing.

Who led the mortgage fraud strike force?

Troncoso, who led the mortgage fraud strike force, said building a criminal case against bankers involved in the foreclosures that led to the national mortgage settlement would have been “extremely difficult.”

When did Harris pull California out of the mortgage settlement?

In September 2011, Harris pulled California out of the nationwide mortgage settlement talks after a coalition of state attorneys general and federal agencies spent nearly a year trying to hammer out a deal with the nation’s five largest mortgage servicers: Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc. and Ally Bank/GMAC Mortgage. The banks were accused of using illicit tactics to wrongfully foreclose on homeowners.

What did Harris do in 2012?

In 2012, Harris also helped push through a bill in the California Legislature that offered homeowners some of the strongest protections in the nation against aggressive foreclosure tactics by banks , which was credited in part for a plunge in foreclosures in the state.

How much money did the banks give to California homeowners?

The three banks agreed to provide $12 billion in principal reductions on home loans in California. State homeowners would see $18 billion in overall financial relief, Harris said. In the end, the banks actually provided $18.4 billion in debt relief and $2 billion in other financial assistance.

What did Harris promise to do before she was elected?

One man in the audience that February told Harris that she had promised years before not only to deliver assistance to homeowners, but to lock up those responsible.

How much money did Harris offer to California?

Harris made the decision to pull out of the talks after she met personally with representatives from the banks, saying that the deal they were offering would have provided just $2 billion to $4 billion to California. Harris has dismissed the deal as “crumbs on the table.”.

What was the biggest crash in the real estate market in 2012?

The Antelope Valley was especially hard hit during the real estate market crash following the Great Recession. At one point in 2012, more than 360,000 homeowners in Los Angeles County owed more on their homes than they were worth.

Background on California’s Foreclosure Crisis

How Did Kamala Harris ‘Take on The Big Banks’?

Harris’ Role in The National Mortgage Settlement

• In February 2012, Harris and 48 other state attorneys general reached the National Mortgage Settlement. The $25 billion deal required the nation’s five largest mortgage servicers — Wells Fargo, JPMorgan Chase, Citi, Bank of America and Ally/GMAC — to provide mortgage assistance for homeowners facing foreclosure. During negotiations, consumer advoca...

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Harris’ Role in Passing The California Homeowner Bill of Rights

Why Didn’T Harris Go After Bank Executives?

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