California Event: The Mortgage Crisis in California

The New America Foundation and the Asset Policy Initiative of California, in association with Assemblymembers Ted Lieu (D-Torrance) and Ted Gaines (R-Roseville), cordially invite you to join us Monday, November 19th, for the third in a series of policy forum discussions in Sacramento designed to inform policymakers, legislative staffers, and advocates about asset-building research, data, and policies.

Our featured speaker, Paul Leonard, will discuss the current subprime mortgage crisis — its causes, the continuing effect it will have on homeownership, wealth, and the California economy, and possible solutions. Paul directs the California operations of the Center for Responsible Lending. The Center is a non-profit, non-partisan research and policy organization dedicated to protecting homeownership and family wealth by working to eliminate abusive financial practices. CRL is affiliated with Self-Help, one of the nation's largest community development financial institutions.

Category:

News & Politics

Tags:

• California
• Economy
• Mortgage
• Crisis
• Solutions
• Problems
• Housing
• Bubble

[carlaRE2]

Even though california is still in a mortgage meltdown maybe we need to take a better look at the lenders allowing this. over 70% of the people want to keep there home but the lenders are still taking them back. what I dont understand is it cost them so much money ro foreclose why not reduce the principal and lower the rate and let the homeowner keep the home. If anyone can give a real answer to this question I would like to hear it.

[Aptyp4ikXX9]

How come low and middle class making good dicisions about what to do and government doestn'. what is that tells me?

[mannyfeseha]

thehelpfund.blogspot

[mannyfeseha]

thehelpfund.blogspot

[reingardl]

What funny is that later on down the road (many, many, many years later on down the road) California will break off and go into the ocean. Thats funny. Of course we could all die in a nuclear war or something before that. Money sucks and is mearly a boring necessity that we use to buy mostly stuff we don't need. Lending is borning, mortgages are boring, paychecks are boring, this video is boring.....lets all just pretend that prohibition is here and brew our own moonshine then shit our pants.

[yogeedogee]

No one seems to know what they are doing, especially in California. Let the foreclosures happen and move on from there. Obviously, it was a house of cards. Mortgages granted to illegal immigrants with illegal jobs was stupid. Lending huge amounts of money to people on disability or social security with no assets or jobs---stupid. I can go on and on. Where were the experts and the media when these loans were being passed out so loosely? They seem to have a lot to say now.

[yogeedogee]

well said.

[GA99999999]

Expand the F H A program and increase the loan amounts. The problem has spread beyond subprime loans. Foreclosures hurt everybody. Congress should act NOW !!!

[NoMoMort]

Politicians and Consumer Advocate Groups are still only looking at band aid solutions to the symptoms & not the real root causes of the problems. Foreclosures, refinancing into bad loans, using your equity to buy liabilities are all symptoms of the bigger problem in the US....Financial Illiteracy is the problem!

[GA7777777]

Unless we stabalize real estate values our economy will crash.