In Sacramento, California, Legal Newsline reports:
With news of billion dollar settlement, foreclosures may not be imminent for some affected parties. With word traveling fast, several Attorneys General received wind of the decision on Sunday night.
According to San Diego City Attorney Mike Aguirre, one of many attorneys suing Countrywide over its lending practices, “This is definitely a home run.” Lead negotiator California Attorney General Jerry Brown hailed, “Unlike last week’s congressional bailout.” He further stated, “This loan-modification program provides real relief for borrowers at risk of losing their homes.”
Of the $8.68 billion settlement, $3.5 billion is being awarded to California, the largest award of its kind. The second largest award – $484 million in 2002 – was paid by Household Financial Corporation.