Money & Company
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September 30, 2011 | 4:19 pm

Advocates for homeowners in California applauded California Atty. Gen. Kamala Harris’ decision to bow out of talks aimed at reaching a national foreclosure settlement with the nation’s biggest banks.

Harris has said that the proposed settlement, the product of nearly 11 months of negotiations, let the banks off too easily. She has said that her office will conduct a more rigorous investigation.

“She stayed at the table on the settlement as long as was reasonable,” said Brian Heller de Leon, a representative of PICO California, an advocacy group for homeowners. “It became clear that there was no longer a reasonable path for California to stay in these negotiations.”

Heller de Leon said the proposed settlement would only have helped a tiny minority of California homeowners.

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