Washington CNN —Vice President Kamala Harris often touts how she took on the “big banks” as attorney general of California to deliver mortgage relief to homeowners hit by the 2008 foreclosure crisis.
The oft-repeated story references how Harris helped negotiate a multistate mortgage settlement with five of the nation’s biggest banks that delivered financial relief to homeowners and set standards for lenders.
Harris also secured a separate agreement with three of the banks, guaranteeing a certain amount of relief for California homeowners.
Mortgage relief for homeownersAs a result of the national settlement, mortgage relief was delivered to homeowners in several different forms, such as principal reductions, interest rates cuts, other kinds of loan modifications or short sales.
There were also some direct payments sent to people who wrongfully lost their homes to foreclosure, according to the National Mortgage Settlement website.
Persons:
Kamala Harris, Harris, It’s, “, ”, Joe Biden’s, Beau Biden, Jamie Dimon, Ira Rheingold, Katie Porter, Irvine –, ” Rheingold, Lisa Sitkin, Sitkin, servicer
Organizations:
Washington CNN —, Democratic National Convention, ”, JPMorgan Chase, National Association of Consumer Advocates, Mortgage, National Mortgage, University of California, Irvine, National Housing Law, Consumer Financial, Bureau
Locations:
California, Delaware