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FBN's Charlie Gasparino with news that the California attorney general told FOX Business that the state may have a decision on the robo-signing mortga...
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OK what let's say you did hear -- first on Fox Business President Obama hoping to tap the end of foreclosure settlement talks.
At the state of the union speech next week but do these talks hinged on one single state.
Or -- being in or out and Charlie I'm guessing that's California yes and you know -- -- tell the tell my produce a good job today.
She got in touch with the with the PR person for the state EG Camilla Harrison basis in this they're gonna have some word on where they stand early next week so we will -- probably early next week contagious before.
Or after the after the State of the Union Address.
Where California sits and if California's part of this settlement that it's gonna be the big deal you 125 billion dollar number if California is a part of this settlement.
Well then you know it's going to be a smaller number it's going to be it was you who knows how will how large it'll be but it will won't -- its 45 billion number.
And then there's a question will they get it done before the State of the Union Address and with the bank to tell me now is that the things we don't know for year.
This settlement is likely imminent these -- and -- he -- -- -- but.
Can they get double for the state of the union they say it's unlikely they think by the end of the month maybe maybe early to February they'll get it done but it's kind of it's it's coming to a conclusion.
And here's the agency think if you're buying and selling bank stocks on this thing this is a net positive for the banks -- -- -- -- play if you're an investor.
Maybe there's a headline here -- you buy yourself Bank of America Citigroup Citicorp JPMorgan because of its if you look at the way the settlement.
Even in the big settlement in California -- California out.
It's basically mostly.
Sort of mortgage forgiveness.
You know refinancing.
Opportunities for mortgages that were under on the -- this is not the banks ponying up big box.
-- these you have say they've made -- -- their balance sheet I don't know that much not is much it's not gonna be this immediate huge hit to earnings.
That finds it usually cause I deal -- -- -- here I think they'll be total if it's the big.
Just stay up 25 billion dollars settlement it was like seven billion fibre that's broken up on all the banks this might be.
If this thing comes down if you're investing are looking at the banks -- net positive for the banks.
On the other hand if you're consumer.
It's probably not so great you know I'm saying there there's a lot of wiggle room in this stuff.
The 25 billion dollar number is squishy who's gonna determine how much of refinancing you get if you mortgages on the Warner you can't get refinancing.
That a lot of -- in things that need to be worked out.
And may be bad for for consumers.
If you think they deserve any money -- kind of question that because -- -- people are delinquent anyway bottom line is but there's going to be a settlement.
Probably good if -- shareholder of one of these banks maybe that's one of the reasons -- be evade and some of these others are up.
It might be down today but they were up in the last couple days on very well and who knows this might be just watching your investors look at banks that -- that there were up today.
There's -- bottom line wells Fargo's down and that's the one that has a lot of exposure to mortgages -- I've barely.
I mean -- I'm just saying that you're you're right Wells Fargo -- in California that's -- Camilla Harris you don't even one of the prompted this deal with California's not part of it.
You know that's where most of these mortgage costs are these public -- but.
-- we we we report for investors there's a flight.
I looked like a fat lady going through your -- I didn't know -- -- you like little that was the cleaning little bit like that just somebody typically I walked in and the U electrically.
But perhaps there's a greater compared to -- in the morning are we -- rushing -- I don't I think they wanna talk about.
Up -- Russia -- -- might hit the U wanna talk about you.
You know I now -- -- back a pretzel you know it is -- we're doing just listen -- he had -- -- Adams so busted our.
