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CBS' Chip Reid followed up on the proposed federal intervention to ease the pain of home foreclosure that his colleague Wyatt Andrews and ABC's Betsy Stark (embargoed link) covered Wednesday. Reid reported a larger dollar figure than the previous two--$25 in tax breaks--going mostly to homebuilders and banks "while doing little for homeowners." Reid pointed out that some states are "tired of waiting for help from Washington" so protections for homeowners are now in force in Maryland and may come soon in Florida and California. For ABC's A Closer Look, Jim Avila told us the tale of David and Karen Shearon, a Staten Island couple, who complained of bait-and-switch when their home was foreclosed. They claimed La Salle Bank offered a fixed rate loan with low interest but delivered high interest and a balloon payment. Avila advised others to follow the Shearons' example: "Get outside help. Do not negotiate with the bank alone." A judge found the bank guilty of predatory lending and allowed the couple to avoid eviction.
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