Consumer Law

California Ordered to Return $331 Million to Troubled Homeowners

In February 2012, with California still reeling from the Great Recession, then-state Attorney General Kamala Harris delivered a bit of good news to Gov. Jerry Brown: The nation’s largest mortgage banks had agreed to pay the state $410 million directly for their role in the subprime mortgage fiasco.

The news came in the midst of heated state budget negotiations and a nasty deficit born largely from the fiscal collapse.

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