Sep. 13, 2012
Katherine Porter
See more on Katherine PorterUniversity of California, Irvine School of Law Irvine Specialty: commercial and consumer law
In March, state Attorney General Kamala D. Harris announced the appointment of Porter, a professor at UC Irvine School of Law, as the state's independent monitor responsible for overseeing the nation's five largest banks in a nationwide $25 billion mortgage settlement. The banks are seeking to provide as much as $18 billion in homeowner and borrower benefits in California.
The commitment is part of the federal-state mortgage settlement penalizing the banks' servicing and foreclosure misconduct.
"We've been laying the groundwork to make sure the banks are putting in place procedures and systems they are going to need," Porter said. "It's also important to get the word out to legal aid lawyers, advocate counselors and homeowners to make the settlement come to life."
She's been handling the duty along with her day job at the university, which Porter said taps into the same skills she needs as a monitor.
"The principle is the same," she said. "How to take a complex beast, a tangle of law, and translate it in a way that gives an audience the information they need."
The other part of the settlement she is working on is helping to change bank practices related to foreclosure procedures.
"There are a lot of moving pieces, and it's very complex," Porter said. "We're still in the growing-pain stages, but we're seeing progress."
Meanwhile, Porter has launched a consumer protection clinic at the school that incorporates what she is doing as a monitor.
"The clinic gives students the opportunity to build expertise around this," said Porter, who takes her students to events and lets them assist her.
In December, Porter's book, "Broke: How Debt Bankrupts the Middle Class," was released. It covers a variety of topics related to people's financial well-being, she said.
"I hope to see much progress for families to get out of these tough situations," Porter said. "I see a lot of families in pain and struggling about what to do."
Porter said she'll try to find the tools to help.
"It's a lot of work," she said, "but I'm not one to shy away from that."
- PAT BRODERICK
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