California 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.
Banner image by Justin Sullivan/Getty Images