"LOOK AT WHAT CALI JUST DID!"
California will NOT sign the deal to exonerate the banks for
the mortgage crisis (the cause of the Financial Crisis) for pennies on the dollar.
Their opinion is, like mine:
It's either us, or the banks. Every move in this game is a decisive, deadly move.
Besides, they committed fraud, and the Feds want to exonerate them and give them a fine, which will be considered the cost of doing (crooked) business.
checkitout: business insider
At The Worst Time, California Just Dropped Another Huge Bomb On The Banks
Joe Weisenthal Oct. 1, 2011, 8:31 AM 11,066 110
Image: kamalaharris.org
Banks (and their stocks) are reeling, and this news isn't going to help: On Friday, California, the nation's number-one state for foreclosures, has pulled out of 50-state negotiations to reach a settlement over robosigning and other foreclosure related issues.
From WSJ:
In a letter sent Friday to Associate U.S. Attorney General Thomas Perrelli and Iowa Attorney General Tom Miller, who have been leading the negotiations, [California AG Kamala D] Harris said her decision to break off from the group was driven in part by those two key concerns. "It became clear to me that California was being asked for a broader release of claims than we can accept and to excuse conduct that has not been adequately investigated," she said.
She added that "the relief contemplated would allow too few California homeowners to stay in their homes." Ms. Harris also cited a recent "troubling surge in foreclosures," which had plummeted in the wake of the robo-signing scandal.
Progressive political groups are thrilled at the development, which probably is a good sign that the banks are going to be furious.
Via Daily Kos, here's what the Courage Campaign sent to members:
If you're disgusted with the big banks, this is the best email you will read in a long time.
Breaking news! Kamala Harris, California's Attorney General, has rejected the bogus 50 state settlement pushed by the big banks. Without California, the entire effort to lure the 50 Attorneys General into signing a "get out of jail FREE" card is crumbling.
For the first time, we've got the banks on the run. They're terrified. We can finally extract justice on them for bankrupting our country!
How did this happen? We showed Kamala Harris that we would support her if she did the right thing. Nearly 10,000 Courage Campaign members signed our petition, and the momentum is on our side.
California has 10% of the nation's population and was devastated by the foreclosure crisis. These fat cat bankers are not going to get off scot-free if we don't let them...
