Today on Air Talk we'll discuss the new homeowner's bill of rights and what that means for L.A., a preview of the swimmers for Team U.S.A. in this year's Summer Olympics, what 'too big to fail' means for the big banks today, it's summertime at the Levitt Pavilion in Pasadena and what does Patriotism mean to you?
Homeowner Bill of Rights heads to Governor’s desk for approval
In a coup for California homeowners, state legislators have passed the California Homeowner Bill of Rights. Essentially, the law prohibits banks from foreclosing on any homeowner who has applied for a modification to their mortgage. This stipulation comes from a national settlement in February that guaranteed a series of consumer protections by the country’s five biggest banks.
California’s own Attorney General Kamala Harris was instrumental in reaching said settlement. This law, as well as the $18 billion of relief for Californians who lost their homes, are seen as a major blessing for residents in the state. However, banks and realtors are skeptical. They claim it will lead to higher prices for California homes, and that it will only stave off the inevitable foreclosure of certain individuals who cannot afford their mortgages. The bill is headed to Governor Jerry Brown’s desk, and Brown has indicated he will sign it.
Would a law such as this cause lenders to be more discerning in handing out mortgages in the future? How badly needed is this form of relief in California? When will it go into effect and how can consumers take advantage of it? Meanwhile, the Los Angeles City Council is voting today on an ordinance to increase parking fines as part of Mayor Antonio Villaraigosa’s budget plan. How big are these increases and when would they go into play?
GUESTS
Mike Feuer, Assemblyman representing California’s 42nd Assembly District, which includes West Hollywood, Beverly Hills, Los Angeles, Century City, Westwood, Bel Air, Brentwood, Hollywood, Hancock Park, Los Feliz, North Hollywood, Valley Village, Toluca Lake, Universal City, Studio City and Sherman Oaks
Stuart Gabriel, director of the Ziman Center for Real Estate at UCLA and Arden Realty Chair and Professor of Finance, UCLA Anderson School of Management
Alice Walton, Politics Reporter AKA The City Maven, KPCC
Olympic swimmers make waves ahead of Summer Games
Ready your flags and set your stopwatches. The London Games kick off in a matter of weeks.
Big news yesterday came from the elite of the elite. Swimmer Michael Phelps decided he will not attempt a repeat of his Beijing record. Instead of competing for eight possible medals, Phelps is dropping the 200 meter freestyle. "It's so much smarter for me to do that," Phelps told the Associated Press. "We're not trying to recreate what happened in Beijing. It just makes sense." Would the pressure have been too much? Is Phelps winning the mental game already by dampening fans' expectations?
Other news out of the swimming qualifying trials that just wrapped up sees three black Americans going for gold in London. They follow in the wake of very few black Olympians in the pool. The United States swim team has never had more than a single team member of African-American descent and never had a single one before 2000, according to The New York Times.
Why is that? Is the sport inaccessible to African Americans? And what's the connection to drowning statistics for black children? The Centers for Disease Control reports that the fatal drowning rate of African American children is almost three times that of white children in the same age range. Why?
Guests:
Mr. Pat Forde, National Columnist, Yahoo! Sports; Forde will be covering the swim events at the Summer Games; he was in Omaha, Nebraska for the qualifying trials.
Jim Bauman, Sport Psychologist consultant with USA Swimming – working with Olympians and other champions; Sports Psychologist for University of Virginia's athletics program; Bauman joins us from Omaha, Nebraska – where Olympic Team Trials just wrapped.
Bruce Wigo, Swimming Historian and President of the International Swimming Hall of Fame
Genai Kerr, represented the USA in Water Polo at the 2004 Olympic Games in Athens
Too big to fail — but just in case...
After the big bank bailout of 2008, nothing that drastic was ever supposed to happen again. But just last month, J.P. Morgan Chase CEO Jamie Dimon bet the farm and lost it in a bungled trade – at last count, the total was projected at $9 billion, and the fallout for Chase is yet to be determined.
In the event of emergency, experts urge us all to have a disaster plan — what about banks? In a worst-case scenario, what’s their plan?
Today, nine of the U.S.’ biggest financial institutions – including Chase, Bank of America, Citigroup, Morgan Stanley and Goldman Sachs — are delivering their own personal bailout plans to federal regulators. These so-called “living wills” are a requirement of the Dodd-Frank act, and are designed to avoid another federal bailout, which cost taxpayers $700 billion. In the event of catastrophe — i.e, major failure or bankruptcy — banks are expected to do their own financial untangling, and like the Boy Scouts, they’d better be prepared.
What exactly is covered by these “living wills”? Do they go far enough? How likely is it that they’ll be put to use? And if they are — what would that look like?
Guest:
Heidi Moore, New York Bureau Chief for Marketplace
Guest: Matt DeBord, KPCC Reporter; writes the DeBord Report KPCC.org
What does patriotism mean to you?
Independence Day, the 4th of July, is traditionally a day to celebrate the birth of our nation. For some, it’s just about firing up the BBQ and getting together with friends and families. For others, it’s the quintessential day for getting one’s red-white and blue on.
But given today’s contentious political climate and sour economy, how patriotic are Americans feelings? How satisfied are they with the state of our government? What is patriotism to you?
GUEST
James W. Loewen, sociologist and author of “Lies My Teacher Told Me: Everything Your American History Textbook Got Wrong” (Touchstone)
Summertime sizzles at the Levitt Pavilion
Nothing says summer like a picnic on the grass, grooving to live music. Here in Southern California, you can hear music almost every night of the week at a variety of locations. Two of the best are in Pasadena and MacArthur Park.
Over the next two months, Levitt Pavilion will host 100 free, family friendly concerts at Memorial Park in Old Pasadena and MacArthur Park in Los Angeles featuring an eclectic array of musical acts from around the world – as well as a few local favorites. Artistic Director Eddie Cota is here to give us a taste of the summer sounds to come.
A sampling of the groups coming to Levitt Pavilion this summer:
GUEST
Eddie Cota, artistic director for Levitt Pavilion for the Performing Arts