The much-anticipated – and much-criticized – foreclosure settlement worth $25 billion between five major lenders and the states was finally signed this week, but even though over 40 states put their names on the dotted line, there are still a handful of states that refuse to sign.
A review of these holdout states does not reveal anything surprising. New York, California, Florida, Nevada, and Massachusetts all balked at ratifying the agreement, and all five have repeatedly criticized the process and the settlement for being far too lenient and offering too much immunity and leeway for the major lenders accused of widespread foreclosure fraud.
Coincidentally, these five states also have some of the highest foreclosure rates in the nation.
The highest rate of the bunch – as well as the highest foreclosure rate in the nation – belongs to Nevada, which has over 6% of its homes in some stage of the foreclosure process in 2011. Califor
