"On February 9, 2012, Attorney General Kamala D. Harris announced an historic $18 billion settlement with banks to bring relief to hundreds of thousands of home owners... "
Below is a link to an excerpt from the AEI event last week, "Bubble Trouble: Beginning of the End?" [3] My presentation starts about 0:52 into program.
One of the reasons that the US housing crisis is not nearly at an end is that in the Northeast, where states require judicial action for a lender to foreclose, there is a backlog of years in processing foreclsores.
CA AG Kamala Harris wants to change CA into a LIEN state (I reversed the two in the AEI discussion) and make it like NY, NJ, PA. The safer way to refer to the difference is JUDICIAL vs NON-JUDICIAL states because there are subtle nuances in each jurisdiction. See nice map of the US c/o the Grabois law firm: http://title.grabois.com/ [4]
If Harris is successful in making CA a judicial state, the CA real estate market will be irreparably damaged and the CA and US economies will tank. Watch this closely.
I will be writing more about this in The IRA this week.
Chris