Final Rundown for 11/19/07, Script for Today's Footage | The Sacramento Bee

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1. FIRE RESOURCES SOUTH.................................VO/SOT

2. MORTGAGE MITIGATION....................................VO/SOT

3. GREEN BUILDING TOUR.....................................VO/SOT

4. CHP BELL RINGING.............................................VO/SOT

5. SKI SAFETY..........................................................VO/SOT

MORTGAGE MITIGATION VO/SOT

LIVE:

THE DIRECTOR OF A GROUP THAT WANTS TO ELIMINATE WHAT IT CALLS ABUSIVE FINANCIAL PRACTICES SAYS LENDERS, NOT BORROWERS, ARE TO BLAME FOR THE CURRENT INCREASE OF HOME MORTGAGE FORECLOSURES.

SUPER: TODAY/ STATE CAPITOL/SACRAMENTO

VO: (:30)

THE NEW AMERICA FOUNDATION HOSTED A POLICY FORUM AT THE STATE CAPITOL TODAY, WITH SPEAKERS DISCUSSING RECENT CHANGES IN THE SUB-PRIME MORTGAGE MARKET. PAUL LEONARD WITH THE CENTER FOR RESPONSIBLE LENDING SAYS FORECLOSURES CAUSED BY OVERVALUED APPRAISALS OR RAPIDLY INCREASING MONTHLY PAYMENTS WILL EVENTUALLY COST THE CALIFORNIA HOUSING MARKET 67 BILLION DOLLARS IN LOST EQUITY. LEONARD SAYS THE WIDESPREAD FORECLOSURES WILL HAVE A DISASTROUS IMPACT ON CALIFORNIA'S ECONOMY, AND THAT THE MAJORITY OF HOMEOWNERS, INCLUDING THOSE WHO MAKE MORTGAGE PAYMENTS ON TIME, WILL LOSE EQUITY.

SUPER: PAUL LEONARD/CENTER FOR RESPONSIBLE LENDING

SOT: (0:14)

SAYS: "I THINK THE FEDERAL REGULATORS AS WELL AS MOST OTHERS HAVE SAID MANY OF THESE LOANS WERE PROVIDED TO PEOPLE WHO HAD NO REASONABLE ABILITY TO REPAY THOSE LOANS. AND THOSE LOANS SIMPLY SHOULDN'T HAVE BEEN MADE, WHETHER OR NOT THE BORROWER WANTED TO TAKE ON THAT RISK OR NOT."

SUPER: FILE

VO TAG:

LEONARD SAYS HE IS URGING LAWMAKERS TO WRITE NEW LAWS THAT WOULD FORCE MORTGAGE LENDERS TO CHANGE THE TERMS OF THEIR EXISTING LOANS, TO REDUCE THE RATE OF FORECLOSURES.

EDITOR'S NOTE

THE CENTER FOR RESPONSIBLE LENDING IS A NON-PARTISAN, NOT FOR PROFIT CORPORATION, FUNDED BY PRIVATE FOUNDATIONS.

EXTRA BITES:

SUPER: PAUL LEONARD/CENTER FOR RESPONSIBLE LENDING

SOT: (0:19)

SAYS: "IT IS GOING TO GET WORSE BEFORE IT'S GOING TO GET BETTER, AND THE SOLUTION NEEDS TO BE A GROWING, INCREASING, GROWING PRESSURE ON LENDERS TO OFFER BORROWERS THE OPPORTUNITY OF MODIFYING OR RESTRUCTURING THEIR LOAN, AT AN AFFORDABLE RATE, TO ALLOW THEM TO STAY IN THEIR LOAN, IN THEIR HOME, RATHER THAN, AS THE ALTERNATIVE TO WIDESPREAD FORECLOSURES."

SOT: (0:09)

SAYS: "THERE'S A NUMBER OF LEGISLATORS WHO ARE LOOKING AT POSSIBLE LEGISLATION, THERE ISN'T ANY THAT'S BEEN INTRODUCED YET. BUT WE WOULD EXPECT SOME TO BE INTRODUCED EARLY IN THE NEXT SESSION."