The California state legislature enacted a series of bills aimed at protecting homeowners from banks and mortgage lenders. Banks are arguing it will only help a small number of homeowners, and hurt the rest by drying up credit, etc. Of course, all of us are touched by how much the banking industry cares for the plight of people trying to hold onto their homes.
Some Republicans that this is a bailout for mortgage holders who took reckless risks in buying homes they couldn't afford. No doubt, some of those folks (and maybe some speculators) will benefit from the protections in this package. But where were Republicans in opposing the huge bailout of Wall Street? Hypocrisy on parade, as usual.
IPTC: Copyright Notice
(C) 2012 Ted Rall, All Rights Reserved