How much is enough? White House seeks settlement between Attorneys General and banks
President Obama has been pressuring the attorneys general to sign off on a deal that would allow banks accused of wrongdoing in the foreclosure crisis to free themselves from further liability with a one-time payment to the states. All 50 attorneys general, or “AG’s” have been negotiating a settlement over the past year with major banks accused of wrongful foreclosures and practices such as robo-signing, the practice of lenders signing mortgage documents without sufficient review of borrowers’ credit or ability to pay back the loans. Several AGs have already spoken out against President Obama’s proposed deal, announcing their reservations at letting banks off the hook so easily. It remains to be seen whether California’s Attorney General Kamala Harris will join their ranks.