Which Way, L.A.?
Will the Mortgage Settlement Help Struggling SoCal Homeowners?
California and Florida will get half of the relief in the $26 billion mortgage settlement. What's the likely impact on the Southland's real estate market? Nationwide?
By Warren Olney • • 52m ListenCalifornia and Florida will get half of the mortgage relief in the $26 billion settlement between five major banks, the Obama Administration and 49 of the 50 state attorneys general. We start with the likely impact on the real estate market here in Southern California and then look at the issue nationwide. How far will $25 billion go when underwater mortgages add up to $700 billion? Who's eligible for relief, and who's not? What about all those loans owned by Fannie and Freddie, the Veterans' Administration and the FHA? We hear from experts and homeowners in big trouble. Also, no more handcuffs or $250 fines for kids who are late but on their way to schools in LA Unified.
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In this episode
3 storiesWill LA End Truancy Fines?
The LA City Council will vote next week on rules for enforcement of truancy laws by the LAPD and LA Unified's School police force. Yesterday a council committee agreed to changes worked out by the chiefs of both departments.
Read the story8 minWill Mortgage Settlement Help Struggling SoCal Homeowners?
On today's To the Point, we heard about the $26 billion mortgage settlement worked out between the Obama Administration, five major banks and 49 of 50 state attorneys general, including California's Kamala Harris . We hear from experts on the front lines of California's mortgage crisis and look the housing situation here in Los Angeles.
Read the story9 minMortgage 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."
Read the story35 min
