Patt Morrison Thurs, 10/30

PATT MORRISON SCHEDULE

Thursday, October 30, 2008

1-3 p.m.

 

1:00 – 1:20

OPEN

 

 

 

1:20 – 1:40

IndyMac Loan Modification Program: A Model for Other Banks?

The Federal Government may be nearing a plan of action that would help around 3 million homeowners avoid foreclosure. But many analysts say the government should simply repeat the recent plan the FDIC put in place at failed IndyMac Bank, which has been aggressively modifying troubled home loans since August. Their program has already resulted in more than 15,000 offers to modify customers’ loans and a 75% response rate to those offers. We talk with IndyMac about the success of their program, about using it as a model for other banks, and about getting more customers to participate.

 

Guests:

Evan Wagner: Vice President, Director of Corporate Communications, IndyMac Federal Bank

IN STUDIO

 

TOSS TO ROBERT SATNICK CUT

ENCO # 42155

“satnick cut to toss to with IndyMac”

"The worst thing to do is to just ignore the mail, ignore the phone calls. Speak out to your lenders. If there is a solution, they want to work with you. The banks don’t want to foreclose, nobody wins in a foreclosure."

TRT: 10 sec

 

 

1:40 – 2:00

Leon Panetta (hopefully) Saves California

There are only a few political figures in the country that manage to rise above the partisan rancor that usually colors public policy.  Leon Panetta, former Congressman, director of the Office of Management & Budget and Bill Clinton’s chief of staff, has endeavored in recent years to save California from itself—namely its horribly self-destructive budget process that has mired the state in perpetual budget deficits.  Panetta has argued for drastic, and probably painful, reforms to the state’s budget and political process.  Is it possible to make California’s governance more responsive and accountable to its constituents?

 

Guests:

Leon Panetta, founder & director of the Panetta Institute for Public Policy; former Congressman from Monterey Bay; former White House Chief of Staff under Bill Clinton

ON TAPE

 

 

BILLBOARD CUT

ENCO # 42154

“bb cut hr 2; 10-30 – satnick”

“We did not set out to do harm to any individual. What we wanted to do was continue to help people achieve that American dream.”

TRT: 7 sec

 

 

[NPR NEWS]

 

2:00 – 3:00

From Saviors to Villains: Mortgage Bankers and California’s Real Estate Bubble

It doesn’t seem that long ago when mortgage bankers were happily writing (seemingly) affordable loans for new homeowners and getting buyers into houses that were too good to be true.  Today everyone’s favorite villain is the greedy, duplicitous mortgage banker that suckered vulnerable buyers into crippling adjustable rate mortgages.  Who should shoulder most of the blame for pumping up a dangerously overextended housing bubble?  The president of the California Mortgage Bankers Association steps into the line of fire, with estimates on when foreclosures will level off and to see whether bankers regret their questionable decisions during the boom years.

 

Guests:

Robert Satnick, chairman of the California Mortgage Bankers Association; president & CEO of Prime Financial Services

ON TAPE

 

Thomas Davidoff, professor of economics in the Haas Real Estate Group at U.C. Berkeley

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