Calif. AG Quits Mortgage Abuse Settlement Talks

Law360, New York (September 30, 2011, 8:50 PM EDT) -- California Attorney General Kamala Harris said Friday that she was pulling out of multistate negotiations aiming to resolve major U.S. banks' foreclosure abuses, adding that she planned to launch her own investigation.

The states and the U.S. Department of Justice are accusing the country's five largest mortgage servicers — Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co., Ally Financial Inc. and Wells Fargo & Co. — of foreclosing on mortgages without following proper procedures.

In a letter to the leaders of the negotiations —...
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