Mortgage banker
Mortgage banker in Beverly Hills, California and author of Stop Foreclosure Now: Save Your House if You Can Save Your Credit if You Can't
PROFILE
Lloyd Segal
Guest
FROM Lloyd Segal
Which Way, L.A.?
Foreclosures are up but so is the need for housing From January to the end of March, mortgage foreclosures in California rose 800% as compared to the first three months of last year. Countrywide Financial , the nation’s largest mortgage lender, says delinquencies are up even among customers with good credit.
To the Point
Home Loans and Easy Money, until Times Get Hard No less an authority than Alan Greenspan, former Chair of the Federal Reserve , called sub-prime mortgages a tool for democratizing credit. Sub-prime mortgages with no down payments are advertised as the road to home ownership for families who can't afford regular loans. They often gamble that they'll be able to re-finance after the house goes up in value, but before new interest rates and higher payments kick in. Now, with the housing market is cooling off, the formula is failing to work for more and more people. Foreclosures are up and they're likely to increase even more. Did stock analysts paint an overly rosy picture of the sub-prime mortgage market to generate investment? Do risky loans to millions of vulnerable borrowers threaten the whole economy? We hear from economists, consumer advocates, a state official who's going after shady lending practices, and John and Delia, two homeowners caught in the sub-prime squeeze.
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Regulars at Borderline Bar & Grill reflect on the shooting This year there has been a mass shooting in America on average almost once per day. As you know, the most recent was the mass shooting in Thousand Oaks where 12 people were killed when a gunman opened fire inside a local bar. It was called Borderline Bar & Grill. KCRW’s David Weinberg talked to some of the bar’s regulars about what made the place special.