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Delaware Attorney General Beau Biden on the pending settlement that would force banks to overhaul their mortgage service practices.
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Tuned for that but not a big story for the banks potentially yesterday's today that state attorneys general need to decide if there and or they're out on a settlement over alleged foreclosure abuses now some reports indicated deal could be done this week especially of California.
Signs on but California's not the only question the Delaware attorney general -- to said he has concerns.
About the proposed settlement.
So will he sign on mr.
Biden joins us right now are you in -- out.
Well we're still reviewing the -- in the near term sheets terms are still be exchanged between our state and dot.
My colleagues at home or who's running the show here for the attorneys general as well is that our federal partners as -- the banks.
As you know com -- Harrison California air action item in our direct negotiations with the banks as well.
In were all all of us including Martha Coakley captain Kirk has -- Allied Nevada.
We're -- reviewing the terms and make sure they satisfied the concerns we have for the citizens we represent.
-- ask you about the terms of this because I guess is that this is a big story for the banks depending.
Of course among other things on how large the price tag is.
There was a report that it's some -- it's 45 billion this new report that it could be forty billion dollars that -- forty billion.
Well -- -- position to comment on the on the exact terms and numbers of the deal until it's made public but I can't tell you that down there you know that those that you know I've seen us press reports.
What I'm focused on here in Delaware is making sure that we can continue the litigation we have ongoing against.
An outfit called -- and -- -- electronic registration system.
Which each of the banks use to process in pursuit of mortgages which.
We filed a lawsuit against -- last fall -- deceptive practice you saw on Friday Connell.
That the attorney general from New York filed a lawsuit against the banks and merged.
And what I'm mostly focused on as -- blaze to the settlement.
Is I wanna maintain my ability to pursue my lawsuit here in Delaware.
Because I think it's central to many issues we face in this robo signing but also the larger systemic problems with the mortgage finance industry.
Now -- -- as you've been articulated -- your concern here is going to be the consumers and and contribute people Delaware and all these things and in terms of how you guys fit into the settlement.
-- from the investor point of view as well something that we're looking at eight.
Is it possible that the banks here that investors to be forced to write down principal is that is that something that could be in this.
Settlement in the the banks and bank well there's going to be concerned about it.
Well look there's definitely discussion easily stick to principle reduction.
-- as relates to prince production from borrowers -- -- who bears the brunt of that that's gonna be sort out as we make this and that's my I don't feel comfortable discussing the terms of that specifically.
But what I can't saying you've you've covered this very well and we talked about it I think -- and that is.
One of my focus is here is making sure that the incentive structure.
Is is is as it should be as you know we're facing -- foreclosure crisis.
We do not need to before closing at the written for closing and the stated -- -- -- about her California very effective states.
The servicing banks right now as it stands because they have no skin in the game are incentivized to foreclose.
The housing market is where it is and because -- that of the rate of foreclosure for closures don't need to be happy that the rates are happening that.
Because the banks the service in -- specifically.
Threat -- because it's been a financial center to foreclose so one of the things Erik Sherman I've been focused on the terms of intervening the Bank of New York.
Bank of America and settlement up in New York up and -- the southern district.
Is we -- align the interest of the investor community -- you just mentioned -- with the interest of the bar -- deal with those interest are averages the best and we gets.
On this weekend and one of the got someone like you doesn't -- just yet signs on by today this so called deadline.
Well look that -- you know what we are we are working through the weekend as my colleagues are.
We're doing everything we can -- get to a settlement.
But I got to do two things one make sure that I can pursue the litigation -- -- -- even more -- in that make sure that it's in the best interest of the citizens -- my state.
And I know that's what -- an -- -- -- more Harrison.
Martha Coakley and and and -- masters as well as my other colleagues are doing.
And every one of us are gonna have to make an independent assessment of that as it stands now I told people this last week -- it's -- -- I am not in position to be able to but that doesn't mean we're not working as we speak to try to get a position to be able to do that.
OK so big story for of course are -- we talked about big story for the banks and it's not a done deal yet as the bottom line -- -- it's -- good to have you on log on again soon you're talking about this.
Look for look for coming back next attorney general --
