In her presidential pitch to voters, U.S. Senator Kamala Harris touts as a signa...
SACRAMENTO, Calif. - In her presidential pitch to voters, U.S. Senator Kamala Harris touts as a signature accomplishment the $20 billion relief settlement she secured as California attorney general for homeowners hit hard by the foreclosure crisis.
“If you’re running against Bernie Sanders and Elizabeth Warren, you have to be anti-bank,” said Steven Maviglio, a California Democratic strategist who has advised two assembly speakers and a governor. “That would possibly give them fodder if she catches fire.” Her bold move led to tough negotiations that more than quadrupled the money promised to help Californians reduce the amount they owed on their mortgages. A few years later, Harris also championed a Homeowners Bill of Rights in California that helped protect consumers in the wake of the crisis.
The state did not track individual consumers who applied for or received help under the settlement, or gather information on ethnicity, income or other circumstances. However, repeated detailed surveys of California Reinvestment Coalition’s member organizations during the financial crisis showed the difficulty credit counselors had obtaining help for their clients. The surveys, seen by Reuters, highlight in particular the trouble faced by disadvantaged groups.
Of the roughly $18 billion offered to consumers to reduce what they owed on loans, about $9.2 billion was used to forgive money lost when people sold their homes for less than they owed, known as a short sale. Another $4.7 billion was used to forgive some or all of the money owed on second mortgages.
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