Florida Attorney General Pam Bondi is part of the seven attorney general primary team consulting with banks concerning a nationwide settlement agreement to redress banks' foreclosure wrongdoings. While Pam Bonding initially rejected allowing principal reductions of mortgage debt, she now appear to be willing to consider it "so long as it remedies harm to consumers and stays consistent with the law enforcement role of the state attorneys general," she announced October 18, 2011. Nonetheless, Bondi's office reported she has not changed her position on reducing overall mortgage balances, which has become a central issue in the overall settlement discussions.
There has been speculation that Bondi is beginning to soften her stance as the crumbling coalition of state attorneys general continue their bargaining with our largest banks. California Attorney General Kamala Harris left the group this month because she believes proposals were not going far enough to help homeowners or punish leaders, and New York Attorney General Eric Schneiderman was dismissed because he was reportedly undermining settlement efforts.
While the negotiations are largely kept secret, a few details have gotten out. Discussions now include allowing principle reductions and permitting current underwater homeowners to refinance if a bank owns their mortgage. However, allowing underwater homeowners to refinance may be an attempt to entice California Attorney General back into the negotiations. California currently has 2 million mortgages with negative equity. Bondi is reported as saying it is extremely important to get the states that have left back into the negotiations.
If you are one of the thousands of Floridians facing a Florida Foreclosure Lawsuit, contact a Jacksonville Foreclosure Defense Lawyer or a Florida Foreclosure Defense Lawyer today to determine what foreclosure defense options may be available to you.
