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FBN’s Charlie Gasparino on the Administration’s push for State Attorneys General to reach a settlement on the mortgage foreclosure talks.
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Of the mortgage foreclosure settlement talks we've heard this before that the talks coming to an end but this time.
Could it be real Charlie Gasparino what's the latest exclusive details are you risk and that means it's imminent.
How many times we heard the word.
Here's what we know I'm never gonna see -- -- when it comes to the settlement because when I talk to the banks about this they're kind of rolling their eyes this maybe who knows there's -- we know.
We know that the White House is pushing for the settlement of very first we know fox -- network has learned that Obama the president you know I think is considering mentioning.
Progress in the robo signing deal in his state of the union so they really want to push for this.
Here's what we also though that the Hud secretary Donovan.
Has been pushing for quick mortgage for -- settlement.
That he's been scrambling to convince the state agencies that have not have not joined that explicitly joined the -- New York Massachusetts Delaware California Nevada you know those of the big firm the big the big AG's throughout -- California where most of foreclosures occurred.
Camilla Harris she's been out of -- he's been Donovan has been meeting with them lobbying those AG's to join the broader pact by Tom Miller this state did state AG.
From I -- -- been -- -- leading this sort of global effort and this is -- he's hoping Donovan is hoping to seal the deal.
Some time right after -- -- right after the that the state of the union.
Where at least they have some light at the end of -- the president can mention this now why would the president want to mention this.
For the numbers pretty big its bank foreclosures and listen eight housing is a huge issue for the American -- Our republic it is a bread and butter -- issue for this president who's gonna run very class warfare campaign going forward.
-- -- -- the same -- look at the to banks they've been committed to stay committed fraud or making them pay they're gonna say the overall number and here's where it gets interest -- Is 25 billion dollars -- that's what's on the table right now but when you look at the fine print it's not so bad on the banks they pay about five to seven million in fines.
The rest of it is credits.
Principal forgiveness.
Ways to make up that much who you know ways to get back to.
Improperly foreclosed upon homeowners we should point out robo -- has not exactly a big victim crime it's people who would do were delinquent on their on their mortgages.
The banks went in there and sort of haven't.
A legal officer stamp the foreclosure document.
Well they had these foreclosure -- such a stand and so theoretically these people are not given their -- dude they're they're basically legal.
Perfectly legal foreclosure method right however they were delinquent and this is the deal that's on the table the big thing is.
Will they be able to do this before the state of the union -- the president could do victory lap I can't tell you that.
Some people -- saying yes they can.
Secretary Donovan has been out -- saying -- 10 AM we gave the speech seeing progress very close the banks are rolling their eyes.
I can tell you that that the debate -- up here the big the big -- ointment.
Is California and those of the state AG's and he Donovan has been lobbying and furiously.
-- they don't what they don't wanna see you can art that the stamp things of the home foreclosures on say for example.
Troops who were serving in Iraq and -- to couple it to sales that was a huge minority here -- we have not what I was.
The most they would argue if it -- them it was a Q okay deal for the OK but that doesn't that I it in my view you don't you don't listen -- I am I right also to messing things up banks they don't need -- I don't think -- -- a few people you know I mean they should be fixed that that should be fixed but.
Does that necessitates when he tried doing nothing about the way lawyers work that they find that warm except well you know what they did -- -- was illegal.
It wasn't it wasn't properly wasn't completely -- -- right but anyway is what we are well that's -- lobbying Donovan lobbying those those state AG's Obama.
Planning wanting to mention this in his city union Charlie Gasparino breaking.
