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California Attorney General Kamala Harris continues to hold out against participation in a proposed foreclosure settlement between lenders and states. Harris has long held that the proposed settlement is inadequate and unfair, and has balked at a settlement that would block any investigation into mortgage loans. Harris had also objected to an earlier version of the settlement that had been proposed in September.

With California's objection to the deal, the value of the settlement would stand at about $17 million. The settlement could benefit as many as 750,000 Americans who could receive checks for as much as $1,800 under the settlement. That number is just 50% of the population that might actually be eligible for assistance under the terms of the settlement.

Since the housing crisis hit, it has been estimated that about 8 million Americans have been affected by foreclosure. California has some of the worst foreclosure problems in the country. But that doesn't mean that state authorities are in a hurry to rush into any kind of settlement.

According to Attorney General Harris, any acceptance of the terms of the settlement would mean that she will not be able to file civil charges against the mortgage lenders who were responsible for the housing crisis in the first place. Many of these mortgage lenders wrongfully foreclosed on properties using a procedure known widely as robo-signing.

In many cases, California foreclosure attorneys have found that companies used robo-signing to foreclose on properties. Under this process, employees used fake signatures to sign foreclosure paperwork. As part of the settlement, many families who had their properties foreclosed on because of robo-signing would receive compensation from the banks.