Which Way, L.A.?
Should Taxpayers Help Ward Off a Rash of Foreclosures?
Homeowners with marginal credit can’t keep pace with the rising rates on flexible interest loans made at the height of the housing boom. An Assembly committee has passed legislation creating a pool of money to help them refinance. Is it a public bail-out of borrowers who should have known better--or protection for the rest of the economy? On Reporter’s Notebook, veteran Congresswoman Juanita Millender McDonald has died. We talk about her and the political landscape she’s left behind.
By Warren Olney • • 30m ListenHomeowners with marginal credit can’t keep pace with the rising rates on flexible interest loans made at the height of the housing boom. An Assembly committee has passed legislation creating a pool of money to help them refinance. Is it a public bail-out of borrowers who should have known better--or protection for the rest of the economy? On Reporter’s Notebook, veteran Congresswoman Juanita Millender McDonald has died. We talk about her and the political landscape she’s left behind.
Photo: Joe Raedle/Getty Images
In this episode
2 storiesAssembly Bill to Offer Bailout to Homeowners Facing Foreclosure
The sub-prime lending market was a product of the housing boom that’s now cooling off in California and the rest the country. Many homeowners are now faced with foreclosure. They can’t keep up with increasing payments on loans with variable interest rates—which means they started out low and they’re now going up. Should California create a…
Read the story20 minCongresswoman Juanita Millender-McDonald Dies Sunday
Congresswoman Juanita Millender-McDonald served a district including Compton, Carson, much of Long Beach and parts of Los Angeles until she died of cancer on Sunday. In 1991, she became the first African American elected to the Carson City Council, and she served in the Assembly before going to Congress in 1996.
Read the story6 min
