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→Foreclosure crisis
===Foreclosure crisis===
===Foreclosure crisis===
:{{See also|Financial Crisis of 2008}}
When Harris took office in 2011, California was still reeling from the effects of the subprime mortgage crisis. In 2012, she participated in the National Mortgage Settlement against five banks, securing for homeowners weighed down by average debt of close to $65,000 each — around $1,500 to $2,000 each. One called it “a slap in the face for a lot of us.”<ref>https://www.scpr.org/news/2016/05/27/61049/california-foreclosures-ripple-even-after-major-se/</ref> Under the deal, loans owned by [[Fannie Mae]] and [[Freddie Mac]] didn't qualify for the debt relief. Given they were the country's biggest [[mortgage]] holders, this meant even fewer homeowners stood to benefit from the deal. Only 84,102 California families had any mortgage debt forgiven — far short of the 250,000 originally predicted.
When Harris took office in 2011, California was still reeling from the effects of the subprime mortgage crisis. In 2012, she participated in the National Mortgage Settlement against five banks, securing for homeowners weighed down by average debt of close to $65,000 each — around $1,500 to $2,000 each. One called it “a slap in the face for a lot of us.”<ref>https://www.scpr.org/news/2016/05/27/61049/california-foreclosures-ripple-even-after-major-se/</ref> Under the deal, loans owned by [[Fannie Mae]] and [[Freddie Mac]] didn't qualify for the debt relief. Given they were the country's biggest [[mortgage]] holders, this meant even fewer homeowners stood to benefit from the deal. Only 84,102 California families had any mortgage debt forgiven — far short of the 250,000 originally predicted.