Will the Mortgage Settlement Help Struggling SoCal Homeowners?
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California and Florida will get half of the mortgage relief in the $26 billion settlement between five major banks, the Obama Administration and 49 of the 50 state attorneys general. We start with the likely impact on the real estate market here in Southern California and then look at the issue nationwide. How far will $25 billion go when underwater mortgages add up to $700 billion? Who's eligible for relief, and who's not? What about all those loans owned by Fannie and Freddie, the Veterans' Administration and the FHA? We hear from experts and homeowners in big trouble. Also, no more handcuffs or $250 fines for kids who are late but on their way to schools in LA Unified.
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Making News
Will LA End Truancy Fines? ()
The LA City Council will vote next week on rules for enforcement of truancy laws by the LAPD and LA Unified's School police force. Yesterday a council committee agreed to changes worked out by the chiefs of both departments. LA is leading the way to changing practices established in the 1990's, which turned out to drive kids away from school rather than encouraging more attendance. Susan Ferriss reports for the Center for Public Integrity.
Guests:
- Susan Ferriss: Center for Public Integrity, @susanferriss
Main Topic
Will Mortgage Settlement Help Struggling SoCal Homeowners? ()
On today's To the Point, we heard about the $26 billion mortgage settlement worked out between the Obama Administration, five major banks and 49 of 50 state attorneys general, including California's Kamala Harris. We hear from experts on the front lines of California's mortgage crisis and look the housing situation here in Los Angeles. Will it be changed by the agreement?
Guests:
- Richard Green: USC Lusk Center for Real Estate, @keynesianr
- Lisa Sitkin: Housing and Economic Rights Advocates
Links:
Main Topic
Mortgage Settlement: Homeowner Relief or Break for the Banks? ()
Forty-nine of 50 state attorneys general signed on to a $26 billion deal with five big banks accused of deceptive lending and abusive foreclosures. The banks will have three years to make good on their promise. Even President Obama says, "It's just a start." Others call it "a drop in the ocean," "a paltry down-payment" and "public relations." Will the settlement for abuse and deception come in time to help the economy? We hear from experts and homeowners on the front lines of America's mortgage crisis and find out how it applies here in Southern California.
Guests:
- Nelson Schwartz: New York Times, @NelsonSchwartz
- William Riley: underwater mortgage holder
- David Lykken: Mortgage Banking Solutions, @DavidLykken
- Elizabeth Pollock: underwater mortgage holder
- Claudia Cappio: California Housing Finance Agency, @CalHFA
- Bruce Marks: Neighborhood Assistance Corporation of America
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Which Way L.A.? is made possible in part by the Ralph M. Parsons Foundation, the Rosalinde and Arthur Gilbert Foundation, the Nathan Cummings Foundation, and the John Randolph Haynes and Dora Haynes Foundation, which supports study and research into policy issues of the Los Angeles region.
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