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Mortgage Settlement: Homeowner Relief or a Break for Banks?
Five big banks will have three years to make good on a $26 billion promise. Will the settlement for abuse and deception come in time to help the economy?
By Warren Olney • • 50m ListenFive big banks will have three years to make good on a $26 billion promise. 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. Also, President Obama stays on the offensive on the payroll tax cut, and China's next leader visits the US.
Banner image: A foreclosed and now bank owned house that is for sale in the Spring Valley area of Las Vegas. Photo by Mark Ralston/AFP/Getty Images
In this episode
3 storiesObama Stays on Offense on the Payroll Tax Cut
Yesterday, House Republican leaders backed off their insistence on spending reductions to cover renewal of the two percent cut in the payroll tax, scheduled to lapse at the end of this month. Today, President Obama sounded skeptical .
Read the story7 minMortgage 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."
Read the story36 minVisit by Chinese VP Offers US Chance to Reset Tone with Beijing
China's next leader is in Washington today, at the start of a trip across the country. Since that country's leadership changes only once every ten years, it could be a crucial moment. When he welcomed China's Vice President to the US this morning, Vice President Biden told Xi Jinping, "We're not always going to see eye to eye."
Read the story7 min
