Neighborhood Assistance Corporation of America
CEO of the Neighborhood Assistance Corporation of America, a nonprofit housing counseling agency
PROFILE
Bruce Marks
Guest
FROM Bruce Marks
Which Way, L.A.?
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.
To the Point
Mortgage Settlement: Homeowner Relief or a Break for Banks? Five major banks have agreed to a deal that was good enough for 49 of the 50 state attorney's general, but millions of homeowners aren't so sure. Even President Obama says, "It's just a start." Others call it "a drop in the ocean," "a paltry down-payment" and "public relations." It covers only about two million of the 11 million who are under water. Cash settlements for improper foreclosures will be less than $2,000. Banks can still be sued for abuse and deception, and they've agreed to pay $26 billion up front. But negative equity totals $700 billion. Many questions remain about administration and enforcement. We get a range of answers from advocates, bankers and homeowners in distress. (This story was informed in part from sources in the Public Insight Network .)
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