I talked to Assemblyman Ted Lieu at the Torrance Chamber of Commerce luncheon today, and he says that despite the veto of his bill, AB 1830, mortgage reform is not dead yet in California.
On Nov. 5, Gov. Arnold Schwarzenegger will call for a special session of the Legislature to deal with the budget shortfall. Lieu said that the mortgage crisis would also be on the agenda, and that Speaker Karen Bass had named him the Assembly's point-person on the issue.
Lieu said he had already been in contact with the governor's office to try to work out a compromise. Lieu worked all year in the Legislature on AB 1830, which would have tightened up regulations on subprime loans, only to have the governor veto it. Lieu said the discussions would include some type of regulatory reform, plus some foreclosure relief. More TK.
I also talked to Rep. Jane Harman, who gave her annual State of the Region address at the luncheon. Harman is phone-banking against Prop. 4 -- the parental notification measure -- and doing her best to help out two Democrats in northern California: Rep. Jerry McNerney and Charlie Brown.
In her address, she mentioned the importance of electing centrists in order to get things done, so I asked her about Schwarzenegger's Prop. 11, which would turn over legislative redistricting to an independent panel. Harman said she had not studied the measure enough to have an opinion on it, but suggested there may be some flaws with the way the panel is set up. The Democratic Party is strongly against Prop. 11 -- which it sees as a power grab -- though some more moderate Democrats -- like Treasurer Bill Lockyer -- are for it.
On Nov. 5, Gov. Arnold Schwarzenegger will call for a special session of the Legislature to deal with the budget shortfall. Lieu said that the mortgage crisis would also be on the agenda, and that Speaker Karen Bass had named him the Assembly's point-person on the issue.
Lieu said he had already been in contact with the governor's office to try to work out a compromise. Lieu worked all year in the Legislature on AB 1830, which would have tightened up regulations on subprime loans, only to have the governor veto it. Lieu said the discussions would include some type of regulatory reform, plus some foreclosure relief. More TK.
I also talked to Rep. Jane Harman, who gave her annual State of the Region address at the luncheon. Harman is phone-banking against Prop. 4 -- the parental notification measure -- and doing her best to help out two Democrats in northern California: Rep. Jerry McNerney and Charlie Brown.
In her address, she mentioned the importance of electing centrists in order to get things done, so I asked her about Schwarzenegger's Prop. 11, which would turn over legislative redistricting to an independent panel. Harman said she had not studied the measure enough to have an opinion on it, but suggested there may be some flaws with the way the panel is set up. The Democratic Party is strongly against Prop. 11 -- which it sees as a power grab -- though some more moderate Democrats -- like Treasurer Bill Lockyer -- are for it.
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