California may not participate in Ag Settlement making refinancing in California a continued difficulty.

While the attorneys general working toward a settlement with the nation’s largest servicers may be able to strike a settlement without California, it may cost them.

A deal that seemed likely imminent as of the end of October would have required $25 billion from the banks – $5 billion in cash penalties and $20 billion in refinancings and modifications, including principal reductions.

The $25 billion settlement could be reduced to $18.5 billion, according to unnamed sources referenced in a Wall Street Journal article.

Many thought a settlement without California would be impossible. In fact, the LA Times stated earlier this week, “Without California’s participation, of course, the banks would never assent to a deal.”

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About SanDiegoatHomeTeam
Christian van't Vlie and Ivana Milosevic. Helping sellers and buyers successfully reach their real estate goals while keeping them informed every step of the way, disclosing all known facts and real estate practice procedures so that all involved parties can make well-informed decision. We care and we are at your service.

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