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Mortgage Deal Likely Won’t Include California?

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  • Description

    FBN’s Charlie Gasparino on efforts to reach a mortgage settlement.

  • Duration 4:32
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This transcript is automatically generated

As we've got breaking news on that right now so let's bring in Charlie Gasparino for Charlie you know this is a fluid situation Joe's point -- out but here's what we know right now.

This deal sources close to the negotiations are telling the Fox Business Network is expected to be announced on Thursday.

It is expected though there's negotiations still going on that California will not be part of this deal at all at all that's what the banks are saying -- we're getting to some sources inside the banks that are better dealing directly with the state attorney general's.

That would subject to -- -- Hud secretary.

Shaun Donovan they're saying that this thing is likely to be announced Thursday.

Is likely not to include California so that means that 25 billion dollar number that you keep -- as the total.

Lump sum of the settlement when you add in all the various parts and we should point out the sports a little -- -- content a minute.

That means that number's going to be less color Paper a lot of people why California's out here is why this is a big thing.

Obviously the banks made some mistakes in in for closing.

A lot of those mistakes were four or maybe California because that's where they -- the most foreclosures with -- California in this settlement agreeing to these terms well guess what it's kind of.

And it's not a big things that that big of a deal.

I mean I think people up to get their hands around the step -- you basically.

Or if you put all the states say that they may be equaling the amount of foreclosures that are in California.

I mean it's kind of interest in California is a huge safety going to people like California's not on board well they don't like the terms and I think here's huge thing -- If you look at this first off let's back off what was global -- That was a person that didn't have the legal represented legal and the sort of authority to act to free basically put the stamp of approval on a foreclosure.

Not exactly a big victim crime.

If most of the people that were foreclosed upon.

The -- 99%.

Deserve and deserve to be foreclosed upon but they didn't have a person that was an actuarial that it was -- legal -- they had.

They had a mill where guys who just sit there and pump these little things and it's basically illegal it's not file is not due process.

And that's what this thing's all about.

They do have the banks over a barrel now the question is the banks are saying okay now look at those numbers that is why -- -- if you don't have.

California -- it.

It is not quite a great settlement.

The banks know they been made mistakes here however than I could have they're not gonna pay up a tremendous amount at a California is in this settlement.

He is -- think it's 25 billion what does that mean.

It means that the banks wanna be out of a lot of sort of legal liability it means that the banks are giving back what do they don't.

They're help they're allowing homeowners whose mortgages are underwater and they can't give refinancings.

To refinance to not exactly this isn't -- the bank's bottom line.

I think what the California attorney general Camilla Harris is worried about is looking like a wimp she's anti bank.

-- she's a very liberal attorney general and she think she looks at the banks as a pot a gold.

You know I don't agree with -- but that's her position this -- I think this is when it comes down to it.

When this is all said and done this is much to do about nothing in this sense Robles signing was not a crime.

It was a mistake it was a technicality.

For the most -- of course as we know -- all legal -- -- you can get off -- after all right -- you're right -- if found guilty of not reading your rights you can -- Ravi could kill somebody you don't read your rights -- you know you can get off.

We should point out that there I'm sure there are few people you can find who were foreclose upon completely illegally they've made a payments it it was a problem should go find that -- -- -- -- There were military veteran there -- fixed military families that have problems we didn't checks right I mean what you if you take data helped.

Nine the -- 99% of these people deserve to be foreclosed upon but there is going to be a number here what we know and this is the latest that we -- right now from the -- The announcement is going to be made Thursday.

The announcement as of now and probably then according to these banks is probably not to include California that -- at 25 billion dollar number.

In all likelihood there's going to be a lot less.

Going to New Jersey for the -- It was here was a.

Downtown now it's moving to -- -- election because you know -- why I went to the game and I did my part.

There that's a live picture of the meadowlands where they play in New Jersey but they're still called the New York you know -- I -- which I I kind of like -- -- -- of a new Yorker but I -- Brady I think brazen -- you're out much anybody know want giants they ought to numerically spotted the giants nine points right off the bat.

Did these giveaway nine point -- -- and -- -- -- -- close well I'd like Cleveland on the left are likely to Cleveland being nice you know what all of you hate love.

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