Homeowners' Bill of Rights
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California has the second highest foreclosure rate in the country, and it's allowed banks to foreclose on home loans faster than most other states. But yesterday the state legislature passed "precisely what the nation's largest banks hoped to head off." The "Homeowners' Bill of Rights" will simplify the foreclosure process, give troubled homeowners the right to sue and prevent banks from starting to foreclose while borrowers are still trying to negotiate their mortgages. All that — presuming that Governor Brown signs the legislation. On our rebroadcast of today's To the Point, does London really need the Olympics?
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Is California Giving Troubled Homeowners a Break? ()
The housing crisis hit California harder than any state except Florida. In addition, California's considered "bank friendly," because lenders don't have to go to court to foreclose on home mortgages. So, when the Assembly and Senate took up the so-called "Homeowners' Bill of Rights" yesterday, the Wall Street Journal called it the nation's "biggest showdown between lenders and lawmakers." Attorney General Kamala Harris pushed hard to get the measure passed in both houses, and she's claiming a big win.
- Brian Nelson: Office of the California Attorney General
- Christopher Thornberg: Beacon Economics
- Paul Leonard: Center for Responsible Lending
- Richard Green: USC Lusk Center for Real Estate, @keynesianr
London Prepares for the Olympics ()
London last hosted the Olympics in 1948 amid austerity in the aftermath of World War II. Amateur athletes slept on cots and brought their own towels. This year, the Games are a $15 billion spectacle -- ostensibly in peacetime, but protected by warships in the River Thames, missile-launchers on rooftops and 35,000 police and military personnel. We hear how Londoners are preparing, for better or worse.
- Vanessa Kortekaas: Financial Times, @@ftolympics
- Anna Minton: author and journalist, @annaminton
- Will Jennings: University of Southampton, @drjennings
- Tom Sykes: Daily Beast
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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