US Senator Barbara Boxer says the deadlock in Sacramento threatens federal stimulus money for California. We hear about that and look at the unlikely prospects for change after next month's election in the City of LA. On our rebroadcast of today's To the Point, in Arizona today, President Obama outlined his massive new plan to deal with the mortgage crisis. He explained why he thinks it's worth $75 billion.
FROM THIS EPISODE
In Phoenix, Arizona today, President Obama says it's worth $75 billion to rescue nine million homeowners already in default or “underwater” with loans worth more than their houses. He said his plan would not reward “the unscrupulous or irresponsible” -- speculators, dishonest lenders or buyers who knew they were assuming obligations they couldn't afford. We hear how homeowners can qualify for assistance and get some informed reaction.
Peter Coy, Bloomberg BusinessWeek
Peter Morici, University of Maryland (@pmorici1)
Russell Roberts, Stanford University / EconTalk (@econtalker)
April Charney, Senior Attorney of the Consumer Unit, Jacksonville Area Legal Aid
Although the details of the President’s home mortgage plan won’t be released for two weeks, the White House revealed quite a lot today. We hear more about the plan and how it could impact Southern California homeowners.
Los Angeles' next city election is less than three weeks away, but Mayor Villaraigosa and his allies have weak opposition, and it's unlikely that much will change when the voting is over. As President of the Mayor's Planning Commission, Jane Usher won high praise from homeowner groups and civic bloggers who say that developers have too much clout at City Hall. She resigned to give the Mayor what she called “fresh eyes” for his inevitable second term, but in a letter urged him, among other things, to “please reject the careless, sprawl-inducing approach of adding density at every rapid bus stop.”
Jane Usher, Special Assistant City Attorney, City of Los Angeles