Kamala Harris has been tough as nails when it comes to bankers and mortgage lenders who defrauded California homeowners. Her persistence paid off Friday when federal officials announced a $25 billion settlement with five of the worst offenders.

“This isn’t just about punishing banks for their irresponsible behavior,” Housing and Urban Development Secretary Shaun Donovan said at a Washington news conference. “It’s also about requiring them to help the people they harmed by funding efforts to help homeowners stay in their homes.”

The deal between federal officials, attorneys general from California and 48 other states, and the five servicers –  Bank of America Corp., JPMorgan Chase Co., Wells Fargo Co., Citigroup Inc. and Ally Financial Inc. — was completed after more than a year of negotiations to settle investigations into foreclosure improprieties, such as robo-signing. 

California Atty. Gen. Kamala D. Harris, who was one of the last state holdouts, said the settlement will directly benefit hundreds of thousands of Californians.  Read more at the Los Angeles Times