[courtesy of The California Majority Report]

The California Supreme Court will hear arguments tomorrow on the constitutionality of the state's gay marriage ban."This will be one of the -- if not the-- legal landmarks in thestruggle for equal rights," said Geoffrey Kors of Equality California.

The subprime mortgage crisis is continuing to cause problems. Local government agencies are facing a sudden spike in borrowing costsfrom a bond market. "It could make government more expensive. That's areal thing to be concerned about," said California Treasurer BillLockyer.

Former Senator Tom Daschle calls for a Federal Health Board at the Huffington Post today. "Thetime has come for creative ideas and workable solutions to solving ourhealth-care crisis. I submit that the creation of a Fed Health Boardwould be a bold step in the right direction," wrote Daschle.

There's more... 

Image courtesy of California State Library Foundation

by Robert in Monterey [courtesy of Calitics - Front Page]

[courtesy of California Progress Report]

By Ted Lieu
Chair
California State Assembly Banking and Finance Committee

[courtesy of California Progress Report]

In this week’s Democratic weekly radio address, Ted Lieu, Chair of the Assembly Banking Committee, and Assemblymember Kevin de Leon present legislative remedies to reduce the impact of the subprime mortgage crisis.

You may listen in English or Spanish or read the transcript below.

Hello, this is Assemblymember Ted Lieu, chair of the Assembly Banking and Finance Committee.

As our state faces looming budget shortfalls that threaten vital funds for infrastructure, public safety, and social services, the emerging sub-prime mortgage crisis is poised to jeopardize our attempts to salvage our state's financial commitments.

Because reckless mortgage lenders issued variable interest rate home loans to folks that simply couldn't afford to pay their monthly bills, 1 out of every 88 homes in California are currently undergoing foreclosure.

According to the Center for Responsible Lending, nearly 180,000 California homes will be lost to foreclosure from the 826,900 sub-prime loans made in 2005 and 2006 alone.

[courtesy of California Progress Report]

By Michele Magar

Nearly 500,000 California homeowners will face foreclosure due to predatory mortgage lending in the subprime mortgage market. Many more Californians will be affected, as entire families are rendered homeless and neighborhoods become devastated by concentrations of foreclosed and abandoned properties.

The California legislature is doing little to stop this disaster, but plaintiffs' attorneys can help. Federal and state laws which offer statutory attorneys’ fees enable attorneys to help desperate homeowners restructure abusive loans into sustainable ones, rescind predatory mortgages altogether, and battle foreclosure rescue scams. Homeowners will have to rely on consumer attorneys in small firms because big firms often represent lenders.

The subprime mortgage crisis