The States with the Highest Amount of Foreclosures are Holding out on the Mortgage Settlement

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Julie Parker

Julie Parker was born in March 19, 1983, in Lancaster – Los Angeles County, California. Her father is an experienced economist and businessman, who motivate her taste for the real estate market. Recently, graduated in Economics and now focus her studies in a PhD. Now she’s a consultant and webwritter of ForeclosureListings.com

The states with the highest amount of foreclosures, California, New York, Nevada,Florida and Massachusettsare holding out on the mortgage settlement. Over 6% of the residences inNevadaare in some stage of foreclosure in 2011 – it being the highest in the nation.California ranked third with over 3%.

Kamala Harris, the attorney general of Californiaand Eric Schneiderman, the attorney general of New Yorkhave been loudest in pressing for changes to the accord; they had not joined the accord of 6^th February. Over 40 states participated, said Tom Miller the attorney general ofIowa and the lead figure in the settlement talks.

Law professor Ken Scott ofStanfordUniversitysaid “Adding more numbers probably improves the political dimension of the settlement from the standpoint of the attorneys general. If you can say there were only a handful of diehards that didn’t sign on, that give you some political protection”.

Nearly 16 months previously all the states had teamed up to pursue investigations against foreclosure abuses of the mega banks. Since them officials at the state and federal level together with the Department of Justice negotiated conditions relating to the proposed settlement adding up to $25 billion.

Martha Coakley the attorney general of Massachusettsand Pam Bondi the attorney general of Florid till 7^th February had not joined in; Nevada and Delaware too had not come forth till 6^th February.

Bondi’s spokesperson Jenn Meale said that the attorney general “remains engaged in the settlement discussions in order to ensure that Floridians receive their fair share in any agreement and that bank mortgage servicers are held accountable”.

Tom Miller said that officials of the federal and state governments were continuing with discussions about the suggested deal and what the terms with the banks would be. He said, “This enables us to move forward into the very final stages of remaining work”. Miller did not say anything about which of the states had joined in and which states remained outside

Three mega banks, Bank of America, JP Morgan Chase and Wells Fargo involved in this settlement made eleventh hour demand that New York withdraw the claims it had filed against them on 3^rd February – it being part of the settlement. This move by the three of the banks raised problems in persuading Schneiderman to give his support to the deal. New York A.G. is suing the banks for their involvement with MERS.