Law Professor To Monitor $18 Billion Bank Settlement

SACRAMENTO, Calif. (AP) — Attorney General Kamala Harris has named a law professor to monitor a settlement with the nation’s five largest banks that is expected to bring $18 billion worth of benefits to California.

Harris said Friday that her appointment of University of California, Irvine professor Katherine Porter is independent of the national mortgage settlement reached last month.

Porter will ensure that the banks honor their promises to homeowners and borrowers. They include modifying loans for those who are behind in their payments, repairing neighborhoods blighted by foreclosures and paying off some overdue mortgages.

Porter specializes in foreclosures and bankruptcy, and recently released a book on debt and the middle class.

Porter tells The Associated Press her salary, which has yet to be determined, will be paid with proceeds from the settlement.

Copyright 2012 The Associated Press.

Comments

One Comment

  1. The Blogger says:

    What a great article. It reminds me of the movie “Casino” when the St Louis Gangsters were talikng about “who’s skimming the skim”

    It will be interesting how this all turns out.

    In the meantime, check out this blog:

    http://www.sacramento-blog-uncut.blogspot.com

  2. joe says:

    wonder why a law professor?

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Sacramento

Tickets to aftershock now on sale
Follow Us On Facebook

Listen Live