Bribery? California promised 60% of AG Wrongful Foreclosure Settlement — Harris Still Says No


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Editor’s Note: Maybe the Banks and servicers are running scared. Maybe the AG’s are too lazy to the research with few exceptions like Harris. But, California never accounted for more than 40% of foreclosures and yet to get Harris to agree, they tried bribing her with a 60% share of the big AG settlement that might never happen — especially not without California. She still said no she said it was premature, and she said it was insufficient to compensate those who were wrongfully foreclosed. Right on all counts.

California AG Harris Turned Down a Guaranteed 60% of the Foreclosure Fraud Deal

By: David Dayen

See full story on

Somebody really wants this foreclosure fraud settlement to go through. So much so that California was offered a sum to participate in the settlement sure to piss off the other 49 AGs across the country. Only California was guaranteed earmarked funds from the settlement. Earlier we heard they would get $8 billion out of the $25 billion pot, or 32% of the total (California has roughly 10% of the population). Now, Shahien Nasiripour says they were in line for $15 billion, or a whopping 60%.

California, home to the largest US property market, spurned an offer of roughly $15bn in lower monthly mortgage payments and reduced loan balances for its residents in talks to settle allegations of mortgage-related misdeeds by leading US banks.

Bank of America had guaranteed California borrowers would receive $8bn in mortgage aid, while Wells Fargo and JPMorgan Chase committed at least $5bn to the state’s distressed homeowners, according to people familiar with the matter, who declined to give exact figures.

California would have received more than half of about $25bn of aid that would be available to borrowers in a nationwide deal under discussion to settle allegations that banks illegally seized homes using faulty documentation.

Deal terms, sent to state attorneys-general late last week after nearly a year of talks between the banks and various states and federal agencies, did not include guaranteed minimums for any other states, people familiar with the matter said. Various state officials said they were unaware of the California offer.

I suppose this could be disinformation designed to anger the other AGs and pressure California’s Kamala Harris to accept the deal when the terms are actually not as clear-cut. But this shows two things: one, how desperate federal regulators are to get California into the deal, and two, how inadequate the overall deal is, even to the state of which it’s tilted so far in favor.

Looking at raw population totals isn’t a fair way to look at this; California has lots of single-family homes, more than other states, and a large oversample of subprime loans. It’s hard to get at all these figures. But I was a bit surprised that the state is not in the top five among homes in negative equity. About 30% of the state’s homes have negative equity, behind Nevada, Arizona, Florida, Michigan and Georgia. If I were the AGs of those other states, I’d be pissed that California is getting such special treatment.

But one of those state AGs, Pam Bondi of Florida, is instead mad that California won’t go along, which likely holds up the deal for other states.

Florida Attorney General Pam Bondi stood by the 50-state attorneys general settlement with the nation’s biggest banks on Thursday as California and Delaware formally rejected the proposal she helped negotiate.

Bondi said Floridians can’t wait for foreclosure relief and that the draft proposal sent to states on Monday addresses California’s concerns.

“The settlement under discussion contains all the elements California purports to be looking for; transparency, substantial relief for distressed homeowners, and strict enforcement,” Bondi said Thursday. “Florida’s homeowners need relief now, and protracted and uncertain litigation would be contrary to their best interests.”

Bondi would have to share $10 billion with the rest of the country, with no guarantee of any percentage going to her state, and she’s mad at California, and not the officials who negotiated that stinker of a deal for her?

And here’s the larger point. This settlement deal is so bad, that even the state getting 60% of it sees that it would not provide commensurate relief to the scale of the problem. When the overall deal is $25 billion and there is $700 billion in negative equity nationwide, you can see that as a problem. Plus, if I were any AG, I would doubt the enforcement, since the last time they settled with a mortgage lender on fraud claims, and were supposed to get loan modifications as a result, Bank of America didn’t do the mods, in the Countrywide settlement.

So between California and Florida, there’s one AG who has their head on straight at the moment, and one who doesn’t. Of course, you have to understand who these people are working for. In the case of Harris, it looks to be the people. In the case of Bondi… the banks. Why else would she fire the two most aggressive investigators in her office looking into foreclosure fraud?

29 Responses

  1. […] Bribery? California promised 60% of AG Wrongful Foreclosure Settlement — Harris Still Says No […]

  2. Abby in CA,

    Thank YOU!!!! Absolutely correct. Wake up America.


    By Aruna Viswanatha and Rick Rothacker posted 51 minutes ago


    Here is link to article

    WASHINGTON/CHARLOTTE (Reuters) – State and federal officials are close to a settlement with the largest U.S. banks over mortgage abuses, with states facing an end-of-the-week deadline to decide whether they will sign on, people close to the talks said.

    The final value of any settlement will depend on which states it includes, and could drop sharply if states like California, one of the hardest hit by the foreclosure crisis, do not join.

    In another sign the deal is close, negotiators have overcome a sticking point and agreed on Joseph Smith, North Carolina’s banking commissioner, as a monitor to ensure the banks comply with the terms of the settlement, these people said.

    Talks have dragged on for more than one year but picked up steam last week as the Obama administration announced a new federal-state working group to investigate misconduct in the pooling and sale of risky home loans, a move that signaled the settlement would only allow banks to put behind them a small slice of misconduct. [ID:nL2E8CR8HB]

    The banks in the talks are Bank of America, Wells Fargo & Co, JPMorgan Chase & Co, Citigroup and Ally Financial Inc.

    The proposed settlement releases the banks only from civil claims of errors in servicing and originating the loans. Those details have been in place for months, but the launch of the working group, the Obama administration said, makes clear its commitment to continue to investigate misconduct that fueled the financial crisis.

    In exchange for up to $25 billion, much in the form of cutting mortgage debt for distressed homeowners, the banks will resolve civil state and federal lawsuits about servicing misconduct and faulty foreclosures, and state lawsuits about how they made some of the loans.

    President Barack Obama said in his State of the Union speech last week that he directed his attorney general to create the new working group to “help turn the page on an era of recklessness.”

    Left-leaning groups including had decried the proposed settlement as a “sweetheart deal” and criticized the administration for what they said was a failure to bring big-ticket cases against Wall Street banks and individuals who played a role in the 2007-2009 collapse.

    The new working group, designed to coordinate investigations into the residential mortgage-backed securities market, potentially gives the administration and dissident states political cover to join the settlement.


    In announcing the new working group, housed within an older financial fraud task force, federal and state officials made clear the settlement would cover misconduct that occurred in the aftermath of the crisis, while the group would focus on wrongdoing that fueled the crisis itself.

    The attorney general in New York, Eric Schneiderman, who has been a holdout on the settlement, saying that it released the banks from too many claims, is helping to lead the new group.

    In an interview with Reuters on Friday, he said the focus of the settlement had “become narrow enough” to allow a full investigation to go forward, even though he said he was “not yet” ready to sign on.

    California has also been reluctant to sign on.

    The state’s attorney general, Kamala Harris, withdrew from the talks last year amid concerns that the proposed settlement was too lenient, and her spokesman said again last week she believed the settlement remained “inadequate.”

    But Harris did meet with federal officials last week to press her

  4. NPR is funded and directed by the same criminal enterprise that’s attempting to implement world government; another compromised source providing deliberate misinformation. We can’t rely on anything we are told by mainstream media, anymore than we can expect to be protected by a government whose corruption is so complete its fermented the whole process of legislative, judiciary and executive power into one it has total control of. Obama has little excuse for doing the things he’s done that blatantly subjugate the rights of American citizens…he can read and comprehend. He cannot claim naivete because he had a seat in Illinois, where political corruption is legendary. He is accountable no matter which way you slice it, for furthering the global agenda of warmongers and profiteers who lack regard for human life and have no compassion for the millions of lives they’ve destroyed in the name of profit and population control, since he was hand picked by them to do just that. Remember this is the guy that publicly stated that old people don’t deserve medical treatment because their lives have no real value. His recent gyrations including setting up the investigative panel that supposedly will look into the criminal activity of the Wall street banks in the foreclosure mess, (co chaired by Eric Schneiderman,) are nothing more than attempts to boost support by a voter base that is quickly abandoning him.

  5. @usedkarguy,

    That’s what kills me! Even that requires some regulation. Too easy to learn what the prosecution side has and move to the other side to better defend crooks with the information already developed.

    Yes, treason would be the appropriate term in my views…

  6. @A Man,

    Extremely important article. And it is co-published by NPR and Propublica (NPR gives it the credibility I want to see).

    If this is true (and I’m afraid it is), people will HAVE to sue. Taking that Silverstein couple exemple refered to in the article, I would have sued long ago: imagine being stuck with a 7.6% interest for a house that was never completed because the developer went belly up?

    Even there, I find so much to say about it! How could any lender have agreed to lend anything for property not completely built? This is such a breach of the most elementary due diligence, it is mind boggling! And I know it happened time and time again: houses were sold on the basis of the architect plans and drawings, before the first stone was laid. Did anyone ever demand from developers that they post a bond? Did any lender require it? Did any lender requiring it even verify that it was done?

    Truly mind boggling! We need so much regulation!!!

  7. Enraged, you would think it constitutes a treasonous act; duck in for a couple months, see what the subject matter is that is being pursued, and run to the other side to coach them on how to defend? I can’t believe it.

    Sorty of like they give us Shovels (that we paid for) to dig our own massgraves.


  9. Has everyone sent Obama his/her question?

    Mine was: “In the wake of the discovery all the fraud with mortgages and foreclosures why has a nationwide moratorium on foreclosures not been declared yet?”

  10. “Fraud, it turns out, begets fraud.

    … if you don’t look for it, you don’t find it and that wherEVER you do look, you do ….”

    William K. Black – May 10, 2011

    Truly Heroic Ms. Harris. So brave! So bold! The People are ever in your debt.

    Fannie Mae… never filed a criminal referral…. Had it done so, _______(would have been) shut (down) long before it caused so much damage.

    Stop the Foreclosures! Now!

    Why be satisfied to wreak more havoc on more American lives? Find the just end. That can only be determined AFTER full investigation. Foreclosure is not saving America, or Americans.

  11. If O did tell them to wrap up that settlement, which so many people believe because the t.v. said so; then the banks should have taken his advice.

    People, we must realize that the media works for someone else who pays them to do what they do. They spin the information into a distortion where they kind of told you a truth but it’s how they told you that by the time you interpret it, it’s a lie.

    So them spinning O getting involved in the settlement. You weren’t there. You don’t know who he addressed. So if he addressed someone and said, you need to wrap this up, it’s gone on too long, by the time the media spins it, he’s forcing them to settle.

    That’s the world you live in. And it’ll get worse before it gets better because those in power are losing their advantage and will spin the information so you will think they’ve been victimized.

    Let’s see, you are in power, you oppress people and make them homeless; you give them bad ‘news’ slanted to your advantage and when the nation/government want to remove you; you whine about big government and the O admin and how he’s trying to be a dictator and you got after his legitimacy as prez.

    Okay, I can see that and I can deal with that.

    Any prez elected has 4 years to turn stuff around. It don’t take a rocket scientist to realize that if you do anything wrong, they’d have you in some sex scandal and impeached so you can’t do a darn thing the rest of your term.

    So what do you do? You find out how the system is when you get elected and you do all the things you need to do the last year of your term because it doesn’t give them 4 years to destroy you for helping the people who elected you.

    But so many regurgitate what is commonly accepted by their friends, family, and all the other people who are in agreement with the talking heads on t.v. Heck, most of the people are unemployed and so they got hours of mental training of how to see the world around them.

    If you were put in a camp with bars and they fed you this information you’d fight it and reject it. They know…they’ve tortured people before. But if your bars were invisible, and you were imprisoned by debt, and impoverished and on food stamps and the price of food rises but the number of stamps you receive don’t, you want those leaders to save you and you’ll listen to their rich friends tell you what to think.

    O don’t control the money, but if you paid attention the Fed said they are keeping interest rates at zero. That means all those people with their digital wealth of millions and trillions do not have any interest to live off of, now they have to tap their principal.

    They’ve stayed rich on living off interest, among other dastardly deeds being exposed about the ‘who you know in the world of finance’. Things are being cut off from them and they will put the pressure on the government.

    They should have wrapped up the settlement and made a better offer. They didn’t loan any money, and when we see the stacks of paperwork and pull off the layers (knowing what year this mess started) we can look at the first and last paper filed and know it’s fraud.

    They didn’t loan any money, they had no right to the homes. It was greed that drove them and greed and power that made them think they could get away with what they did, but in his last year, and O has nothing to lose and everything to gain and he created a task force. The AGs did all the work, know all the dastardly deeds and fraud and once the Federal level gets that level of intel, well it’s truly game over.

    California will be pimping itself out for dollars that are worthless. Inflation is crazy, and there isn’t a home in California worth $2000. So it’s ridiculous to think a bank can receive 10’s of thousands or hundreds of thousands of real sweat equity wealth and settle for less than pennies on the dollar and have a real asset of value, someone’s home.

    People will have to tune their truth meters if they live in a truth world. The battle for the soul is not going to pop up and say “I want your soul.” It will be something like jumping on a space ship hoping some alien is your friend and will rescue you from this place, or agreeing to enter some location above or below ground to be safe from some disaster (of course they’ll need you to sign something for the privilege, but what are the terms and can you leave when you are ready), or it may be some agreement to fight a perceived enemy, one of those (us and them) situations. Whatever it is..your truth meter needs to be tuned. Both sides are speaking and talking more. “”You will”” (by design) end up tuning out one side and only hearing the other. Choose to your spirit’s alignment.

    If all you get it t.v. news, there’s a lot more going on in the world than the war over there, or the foreclosure over here. Multiple things are happening in parallel, and so much of it we didn’t know how it worked, so to see it come down or be destroyed we won’t know whether it’s a good thing or a bad thing.

    If your computer has a bad program and you kill apps but it’s still slow and doesn’t work right, you eventually shut it down. When you shut down your computer, things stop working, or reject new data, and save what it has but eventually the screen goes black. Nothing is working, nothing is running, and from a computer perspective, it could be traumatic if you had to hit the power button to just shut if all off quickly…that’s traumatizing…there’s something..there’s nothing. But.
    You reboot, and the system is running on software that does not have the problems it had when you shut it down, and things are working together much more smoothly and as it should be.

    Some systems we live in are like programs in a computer.
    Don’t they use the words, system (economic system, judicial system, government system), don’t they use words like program, (Social Security Program, food stamp program, unemployment program, news program)

    The time will come when all things will be known. There are many that are being followed because they seem to know what’s going on and the outcome. They have fresh faces and pretty features. But they are not your God nor your Creator. What they know, you will know, in time. If you follow them, they may not lead you to where you wanted to go. In time, you will know. Listen with your heart.

  12. Despite the bad press John “piggybank” Wright has given her, Harris obviously has her finger on the pulse. She is in touch with what her constituents truly want and need and is dedicated to the task of going after the criminals that stole CA homes. This in light of the pressure she’s been under, which has been substantial. When an AG holds out because she sees through the smoke screen, and is capable of critical thinking, that is a wonderful thing, much to her credit. We’ve gotten used to being shafted so often, we have to blink a couple of times when an elected official stands up for what’s right and does her job. You go, Kamala! Rule those clowns. You can’t be BOUGHT.

    Bondi will get what’s coming to her for her evil alignment with the criminal element on the wrong side of the law. She’s been pushing to get foreclosures sped up from the beginning, knowingly circumventing the law and harming homeowners who she is sworn to serve. She will be led away from the scene in handcuffs at some point, and it can’t come soon enough. Anyone feel like participating in a citizen’s arrest? Shameless bankwhore, Bondi.
    On the issue of the May Global Strike, it’s about time. We have the power in our masses. The military is even against global profiteering. Tell everyone you know, every grass roots bunch, every neighbor…get the word out that this is our planet and we fully intend to fight for what’s ours: Life, liberty, freedom and happiness.

  13. to be clear, my point in my prior comment was that if one bank can genertate up to 20 billion dollars in consumer loss in two years from their credit card department, then the loss in the home foreclosure market is easily 10 time to a 100 times larger.

  14. I think this headline is unintentionally misleading. Although California has slightly around 12-13 percent of the country’s population, home values always explode first in California because of successful Asian business people wanting to buy in California for both business and personal reasons.

    To give you an idea how ridiculously the 25 billion dollar amount is, when Chase Bank raised the monthly minimum payment on over a million of their best customers who had ultra low life of the loan interest rates from 2% to 5% with no opt out option, Chase Bank effectively stole anywhere from 100 million to 1 billion dollars a month.

    It’s been well over 2 years since that one bank started that swindle, so we could be looking at anywhere fro 2 billion to 20 billion in consumer theft, just from one bank.

  15. If Obama was really sincere in his speech about investigations he would have stopped foreclosures in theiir tracks and stopped the AG settlement with the banks until the outcome of investigation. Obama has been trying to get this settlement passed ASAP. Someone has to stop the TBTF banks and that is not Obama.

  16. Sun Jan 29, 2012 at 12:30 PM PST.

    NEVER AGAIN Say OWS Is Failing: AG Schneiderman Credits OWS for Renewed Pursuit of Bankersby The Troubadour .
    Reposted from Writing by David Harris Gershon by Horace Boothroyd III

    This morning on MSNBC, New York Attorney General Eric Schneiderman told Chris Hayes that “the people’s uprising” should be credited for renewed efforts to investigate and prosecute big banks.

    The people’s uprising, of course, is Occupy Wall Street, and the renewed efforts about which Schneiderman speaks is a “nationwide probe of wrongdoing in the mortgage-backed securities market” that he has just been named to co-lead.

    Schneiderman’s (nearly) direct reference to Occupy Wall Street as a motivating impetus for the national probe explicitly confirms what many have been arguing: that the nation’s protest movement has shaken the halls of government at its deepest levels by transforming the national conversation.

    Our collective obsession, fed by the talking heads, is no longer on the deficit. Instead, a major focus is now on the connection between income inequality and financial corruption. In short, on the personal deficits individuals and families must contend with due to the corrupt stranglehold financial institutions and the one percent have on our elected leaders.

    “Banks Got Bailed Out. We Got Sold Out.”
    Schneiderman’s utterance this morning comes on the heels of President Obama’s State of the Union address this week, which echoed many of the themes Occupy Wall Street has injected into our national consciousness, specifically themes of economic fairness and the need for the wealthiest Americans (1%) to pay their fair share.

    Joe Garofoli of the San Fransisco Chronicle wrote after the SOTU address:

    Linking the dominant themes in Obama’s nationally televised address Tuesday to the mantras of the Occupy Wall Street movement would have been unthinkable five months ago. But in having its message echoed in the State of the Union address, the Occupy movement reached a milestone in changing the national conversation.
    “Once you say the definition of my campaign is fairness, you don’t have to say anything else,” said Lawrence Rosenthal, an expert on social movements who directs UC Berkeley’s Center for the Comparative Study of Right-Wing Movements. “It is the central tenet” of the Occupy movement, he added.

    Indeed, having such themes echo would have been unthinkable five months ago. But we are five months into this movement, and the profound way in which Occupy Wall Street has changed our national conversation about economic fairness and justice cannot be overstated.

    When the President echoes your dominant themes, and when a national investigation into big banks headed by the New York Attorney General is launched because of those articulated themes, one thing is clear: Occupy Wall Street is winning.

    And it’s only winter.

    Come spring, expect Occupy Wall Street to blossom and expand dramatically, for while the movement may be winning the public discourse debate, there is so much more at stake.

    We are just at the beginning.

  17. BEGINNING MAY 1, 2012


    #OLA & #OLB are calling on all Occupations and all Labor Unions to start planning NOW for a Global Strike. The goal is to shut down commerce worldwide and show the 1% we will not be taken for granted, we will not be silenced, WE WILL NOT MOVE until our grievances are redressed.

    Every continent, every country, every state, every city will stand up.

    Labor and workers are under attack by the 1%. Occupy stands Immigrants and with Labor both organized and not. Unions and union rights are what made our working class strong. Every benefit we have as working people has come from the struggles of organized labor and immigrants fighting for their rights. Now they are trying to destroy our bargaining rights, they want their greedy hands on our pensions. They don’t have enough already? ENOUGH.



    We demand good jobs and good pay for everyone on the planet. Citizen of the country they work in or not. Outsourcing will no longer be tolerated by the so called “job creators” for cheap labor. All human beings deserve a living wage.

    Education, Housing and Healthcare are human rights NOT “entitlements.”

    ALL COUNTRIES PARTICIPATING: If you send me translation of this invite in your native language, I will create an event on this page to coincide with the English version. Please send to

  18. 3 shot. Horrendous injuries. It will not end well… But all Obama has to do is declare prosecutions NOW and a national moratorium on foreclosures.

  19. Another bank atrocity to stop. This time, it is OneWest and IndyMac, determined to kick out of her house a disabled woman, after having turned her down over and over for modification… because she wasn’t 90 days behind on her payments.

    We all know the drill. We’ve been through it.

    Can you please send an e-mail to the CEO and President of OneWest? The sale is scheduled for Monday, at 3:00 pm. Time is of the essence… as usual.

  20. @usedkarguy,

    And he will join the white-collar crime DEFENSE division… after having been on the prosecution side with the Justice Department and making a brief, two-month stop at the United States attorney’s office.

    Am I the only one to be disturbed by it? What and how much has he learned as the chief of criminal division, that he will be able to use in order to get white-collar criminals scot-free? Am I reading too much into it?

    Former Justice Official to Join Davis Polk Law Firm

    Greg D. Andres, a senior Justice Department official, is leaving the government to join the law firm Davis Polk & Wardwell, according to two people with direct knowledge of his move.

    Mr. Andres was deputy assistant attorney general for the criminal division, where he supervised the department’s fraud and organized crime sections.

    After two years in Washington, Mr. Andres returned this month to the United States attorney’s office in Brooklyn, where he had been a prosecutor for nearly a decade and had risen to chief of the criminal division. Mr. Andres, 44, will start at Davis Polk in New York at the end of February, said the two people, who spoke on condition of anonymity because they were not authorized to discuss the matter publicly.

    A revolving door between the Justice Department and corporate law firms has been longstanding. Recent moves include Christine A. Varney, the government’s former top antitrust lawyer, who left last year to join Cravath, Swaine & Moore, and Boyd M. Johnson III, the former deputy United States attorney in Manhattan, who recently departed for WilmerHale.

    Mr. Andres worked in Washington under Lanny A. Breuer, assistant attorney general for the criminal division. He supervised the prosecution of a number of prominent fraud cases, including the indictment of R. Allen Stanford, the former Texas financier on trial on fraud charges.

    Mr. Andres also was a frequent presence on Capitol Hill, testifying before Congress on health care fraud and the government’s crackdown on the bribery of foreign officials.

    He worked at Davis Polk & Wardwell for two years in the late 1990s before becoming a prosecutor.

    As a federal prosecutor in Brooklyn, Mr. Andres earned his stripes trying organized crime, terrorism and fraud cases. He helped secure convictions of two former money managers at the investment bank Credit Suisse for defrauding clients in the sale of subprime mortgage securities, one of the first cases tied to the financial crisis.

    Mr. Andres has also spent more than a decade leading the prosecution of the Bonanno crime family. The case secured the convictions of about 75 organized crime figures and associates. One of the defendants, Vincent J. Basciano, a former beauty salon owner who was known as Vinny Gorgeous, was accused of a plot to kill Mr. Andres.

    At Davis Polk, Mr. Andres will join the prestigious white-collar defense practice, which in 2009 hired Linda Chatman Thomsen, the former head of enforcement at the Securities and Exchange Commission.

    Davis Polk’s current assignments include defending the owners of the New York Mets against a lawsuit brought by the trustee seeking to recover money for victims of the fraud perpetrated by Bernard L. Madoff.

    Mr. Andres’s recent return to the United States attorney’s office in Brooklyn was always meant as a brief stop before entering private practice, the two people said. His family lives in New York, and he commuted to Washington while posted there.

    Mr. Andres is one-half of a legal power couple. His wife is Ronnie Abrams, a former federal prosecutor in Manhattan who last July was nominated by President Obama to be a judge in Federal District Court in Manhattan.

    While she awaits confirmation, Ms. Abrams works at Mr. Andres’s new employer, where she runs the firm’s pro bono program. Davis Polk is also where she and Mr. Andres met, in 1997, as young associates just out of law school.

  22. By the way, des anyone know why a banks will foreclose and then put a sign in the window that the house has been abandoned?

  23. YES, YES, YES! Go Kamala! Get ’em! Don’t give in! Most modifications put homeowners in worse shape! I know mine does. We’re $250,000 down from when we purchased in 2007 in a “stable” market according to the appraisel report back then.

  24. FUCK YOU >

  25. Fuck you GEORGEE .Isnt that what your mom called yopu George Poltizer?I helped you and you FUCKED MY KID OVER He has no dad thanks to you Very truly yours DEADMAN WALKING.

  26. Why aren’t the dissenting AGs clamoring for a nationwide moratorium, pending conclusions of all the investigations already pending or to be undertaken?

    That would buy everyone a few years and seriously boost the economy! This is really insane. We keep hearing “the economy” whenever anyone speaks about W.S. as though W.S. is, indeed, this country’s economy. The economy is agriculture and manufacturing. It is small businesses and inventors.

    W.S. is only the financial sector and it has collapsed. W.S. does nothing, creates nothing (except empty paper money that does not in any contribute anything to the economy). It’s a cancer that’s slowing down any possibility of recovery. The economy doesn’t even have anything to do with gold or silver. W.S. is an aberration. If anything, W.S. is the reason gas is $3.13 on Monday and $3.49 on Wednesday. W.S. is the major, if not only, factor that prevents the economy from rebounding!

    The economy is what a country produces, consumes and exports!!! Not some virtual, fringe entity called Wall Street!

  27. The area wide tables calculate the values including the extreme high end most often paid for in cash by very rich buyers. If comparables were taken for one or two mile areas of modest homes and small pockets of similar homes including the now almost all short sales, the percent of owners underwater would be higher in CA and many other states as well.

  28. “not in the top five among homes in negative equity. About 30% of the state’s homes have negative equity”

    When you see the drop in equity county wide and city wide produced by realtors ect. in CA and perhaps even in a few other states or areas as well – very expensive estates, ranches and luxury homes are interspersed with more modest homes. The modest ones got the most mortgages and the most toxic products. The drop in one mile areas for instance – if anyone other than a homeowner actually kept the list and paid attention over several years time – is more severe than ever reported. Also several if not most areas in CA reached their peak prices in spring and summer 2005 (and some other states or areas) and a dramatic drop already occurred starting at the end of that year escalating into 2006 and continuing to this day going on 8 years later. Drop in equity only gets calculated from 2007 or 2008 doesn’t it nationwide and for states?

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