California has the second highest foreclosure rate in the country, and it's allowed banks to foreclose on home loans faster than most other states. But yesterday the state legislature passed "precisely what the nation's largest banks hoped to head off." The "Homeowners' Bill of Rights" will simplify the foreclosure process, give troubled homeowners the right to sue and prevent banks from starting to foreclose while borrowers are still trying to negotiate their mortgages. All that — presuming that Governor Brown signs the legislation. On our rebroadcast of today's To the Point, does London really need the Olympics?
Banner image: msabcmom/flickr