Bill of Rights

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Bill of Rights in California

Bill of Rights Settlement: Timeline of The Homeowner Bill of Rights

  • October 2010 – Settlement talks begin between the attorneys general, the Obama administration, and the country’s five largest mortgage servicers shortly after all 50 state Attorneys General ¬†announce investigations into fraudulent foreclosures.
  • January 3, 2011 – In her inauguration speech, Kamala Harris pledges to “aggressively pursue any companies and individuals scamming innocent homeowners with mortgage fraud.”
  • May 23 – Kamala Harris announces the formation of the Mortgage Fraud Strike Force.
  • July 14 – New York AG Eric Schneiderman flies to California and asks Harris to join a probe of Wall Street’s role in the mortgage crisis. Harris does not sign on.
  • Mid-September – Harris meets personally with the heads of the five banks over immunity from future investigations in the settlement negotiations. She reportedly states, “I am going to investigate everything.”
  • September 30 – Harris defies her allies in the Obama administration, as well as the majority of her fellow state AGs, by walking out of the settlement talks.
  • October 18 – Harris issues subpoenas to Bank of America and its subsidiary, Countrywide Financial, over the packaging of loans into mortgage-backed securities.
  • November 3 – Harris calls for the resignation of Edward DeMarco, the chief regulator for Fannie Mae and Freddie Mac, over his opposition to reducing loan amounts for troubled homeowners.
  • November 8 – Lt. Gov. Gavin Newsom and other officials sign a letter from the group Californians for a Fair Settlement urging Harris to reject the “deeply flawed” settlement.
    November 15 – Harris issues investigative subpoenas to Fannie Mae and Freddie Mac seeking information on foreclosure practices, as well as the packaging of mortgage-backed securities.
  • December 6 – Harris announces a joint investigative effort on mortgage fraud with Attorney General Catherine Cortez Masto of Nevada, whose state has the nation’s highest percentage of houses undergoing foreclosure.
  • December 20 – Harris sues Fannie and Freddie to force them to comply with the investigative subpoenas issued in November.
  • January 25, 2012 – Through a spokesman, Harris announces that the latest version of the multistate settlement is unacceptable.
  • February 9 – A finalized settlement is announced. Harris again demands the resignation of Edward DeMarco.
  • February 24 – Harris issues a public letter to DeMarco urging him to freeze the sale of foreclosed properties.
  • February 29 – Harris sponsors The Homeowner Bill of Rights in Sacramento, six pieces of legislation seeking to codify many of the settlement’s provisions into state law.
  • March 12 – The terms of the national settlement are officially filed in federal court.
  • March 16 – Harris appoints UC Irvine law professor Katherine Porter as California’s independent monitor to ensure the banks follow through on the terms of the deal.

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