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.