Why I love my state: California calls $25-billion mortgage settlement “inadequate”

I am so grateful to live in a state that isn’t completely bonkers. Emphasis on completely. Los Angeles excluded (Yes, I’m from L.A.).

Remind me to send Kamala Harris a thank you card.

Via the L.A. Times:

Calif. Atty. Gen. Kamala D. Harris’ office has called a proposed $25-billion settlement with the nation’s mortgage industry “inadequate.”

“We’ve reviewed the details of the latest settlement proposal from the banks, and we believe it is inadequate for California,” Shum Preston, a spokesman for Harris, said in a statement. “Our state has been clear about what any multistate settlement must contain: transparency, relief going to the most distressed homeowners and meaningful enforcement that ensures accountability.  At this point, this deal does not suffice for California.” [...]

Schneiderman was appointed Tuesday by President Obama as co-chairman of a new investigative effort that will try to coordinate existing federal and state probes into mortgage practices before the financial crisis. Schneiderman promised Wednesday to move aggressively.

A spokesman for Schneiderman said in a statement that the New York attorney general would not sign onto a foreclosure settlement that would limit his ability to carry out investigations of the mortgage crisis.

A thorough investigation is a must, and even $25 billion is, indeed, inadequate.