California has pulled out of negotiations with banks to come to a settlement over robo-signing and other foreclosure practices, possibly derailing attempts by banks and the Obama administration to come to a deal worth about $25 billion to the states. California AG Kamala Harris called the proposed deal “inadequate for California homeowners.”
The news could hit big banks hard, as the longer they take to dispose of large potential liabilities, the more investors have questioned value of their stocks.
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