Wednesday, March 16, 2011

A new bill by state Assembly member Bob Blumenfield of the San Fernando Valley would charge banks a $20,000 fee on foreclosed homes. The fee is meant to provide monetary relief for communities plagued by foreclosures, as well as encourage banks to make more loan modifications. A coalition of community groups held a protest in front of the Downtown LA Wells Fargo Community center in support of the bill, and other state bills designed to protect homeowners. Pacifica's Dan Fritz filed this report.