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Harris throws in with White House on settlement with banks

Thursday, February 9, 2012

imageDid state Attorney General Kamala Harris just cave in to the Obama administration’s much-criticized civil settlement with big banks over their home loan mortgage abuses? The tweaked deal to be announced this morning is for $26 billion, up a billion or so from an earlier iteration. It provides $18 billion in relief to current homeowners by mostly reducing the amount of principal they owe on their mortgages. But it’s hard to see how the better terms to which Harris and a few other holdouts among attorneys general acceded escapes the pennies-on-the-dollar label critics have hung on the deal.

Add: Harris, who has been under intense pressure from the White House to get on board, issued a press release early this morning. She’s to formally announce her change of heart at an 11 a.m. news conference.

Image: LA Times
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