The Congressional banking bailout bill that failed yesterday, also failed the thousands of California homeowners already facing foreclosure.
Kimberly Jones, Policy Advocate for the California Reinvestment Corporation, contends that the banking industry is attempting to deflect its own complicity in the "mortgage meltdown" by blaming the borrowers who signed up for loans they could not repay. But she says targeting the handful of industry executives who got gaudy salaries and payouts is also a distraction.
The CRC has produced this short video about the causes of the foreclosure crisis now sweeping California.
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