Which Way, L.A.?
Homeowners' Bill of Rights
The banks don’t like it, but the California legislature has passed the "Homeowners' Bill of Rights," offering protection for troubled homeowners.
By Warren Olney • • 50m ListenCalifornia 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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In this episode
2 storiesIs 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.
Read the story26 minLondon 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.
Read the story25 min
