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California May Join Investigation Into Foreclosures

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(credit: Joe Raedle/Getty Images)

(credit: Joe Raedle/Getty Images)

SACRAMENTO (CBS/AP) — Political strategy may play a role in determining whether California attorney general Jerry Brown will gamble his fate in next month’s election by joining up to 40 state attorneys general in a joint investigation into the mortgage industry over the foreclosure-document mess.

Brown could be a part of the effort being unveiled on Wednesday to get mortgage firms to
revamp the way they handle foreclosures, pay penalties for violations and expand help to homeowners on the verge of foreclosure.

Election Looms Over Brown Decision: Lori Gay, president & CEO of Los Angeles Neighborhood Housing Services talks with KNX 1070′s Dick Helton, Vicky Moore, and Jack Popejoy

The top law enforcement officials of states around the country are already weighing the outlines of a potential settlement with the industry, said Iowa Attorney General Tom Miller, who will lead the investigation. The inquiry will be announced Wednesday morning.

(TM and © Copyright 2010 CBS Local Media, a division of CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2010 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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