Yesterday Governor Schwarzenegger held a press conference in Fresno to talk about the horrible situation facing many, many California families who opted to take out sub prime loans to afford their homes, only to find that with a downward shift in the economy, the adjustments coming in the interest rates for those loans will lead many of these borrowers to default on their payments, and lose their home.

At the event, the Governor announced that he had negotiated with lending companies (representing 25% of existing home loans in California) who have agreed in some manner to not implement the scheduled hike in interest rates for some home owners. It is still unclear exactly what this means at this point, as the details are a bit vague. It sounds like in those instances where someone is still making their payments, and can demonstrate to the lender that they can afford to continue to make their current level of payment, but cannot afford an increase, the lenders may ‘cut some slack’ as it were, and leave the existing rates for a while.

Let me say that this entire sub prime mortgage… Read More

Yesterday Governor Schwarzenegger held a press conference in Fresno to talk about the horrible situation facing many, many California families who opted to take out sub prime loans to afford their homes, only to find that with a downward shift in the economy, the adjustments coming in the interest rates for those loans will lead many of these borrowers to default on their payments, and lose their home.

At the event, the Governor announced that he had negotiated with lending companies (representing 25% of existing home loans in California) who have agreed in some manner to not implement the scheduled hike in interest rates for some home owners. It is still unclear exactly what this means at this point, as the details are a bit vague. It sounds like in those instances where someone is still making their payments, and can demonstrate to the lender that they can afford to continue to make their current level of payment, but cannot afford an increase, the lenders may ‘cut some slack’ as it were, and leave the existing rates for a while.

Let me say that this entire sub prime mortgage… Read More

With the approximately 1.1 million signatures gathered statewide in hand, a press conference was held this morningat the Sacramento County Elections Office to ceremoniously turn in several boxes of petitions from Sacramento County voters for the California Property Owners and Farmland Protection Act.

Some of the manyindividualson hand were representatives from various pro-property rights groups or supporters including Howard Jarvis TaxpayersAssociationand theirspokesman Jon Coupal; California Farm Bureau, [Vice President Kenny Watkins] ; National Federation of Independent Business executive director John Kabateck; chairman of the California Alliance to Protect Private Property Rights, former Senator Jim Nielsen; the Hispanic Chamber Of Commerce Chairman Ken Macias; former Congressman Doug Ose; and another Doug, myself, were among those that spoke.

All 58 countiesshouldreceive their petitions bytomorrow, ending the first, and successful, petition drive… Read More

Welcome to our third weekly FlashReport Podcast! I had a chance last Friday to chat for about twenty minutes with California Congressman John Campbell, our own FlashReport D.C. Correspondent, and also with Andy Roth, the Director of Government Relations for the Club for Growth. The three of us discussed Congressional earmarking, Presidential vetoes, and also Reagan 21, a new caucus made up of member of the Senate and House dedicated to true fiscal reform. [You can check out our first two Podcasts – one with Presidential candidate Fred Thompson, the other with Insurance Commissioner Steve Poizner, here.]

Please start the Podcast Player below and join us for an informative update on what is going… Read More

Welcome to our third weekly FlashReport Podcast! I had a chance last Friday to chat for about twenty minutes with California Congressman John Campbell, our own FlashReport D.C. Correspondent, and also with Andy Roth, the Director of Government Relations for the Club for Growth. The three of us discussed Congressional earmarking, Presidential vetoes, and also Reagan 21, a new caucus made up of member of the Senate and House dedicated to true fiscal reform.

[You can check out our first two Podcasts – one with Presidential candidate Fred Thompson, the other with Insurance Commissioner Steve Poizner, here.]

Please start the Podcast Player below and join us for an informative update on what is going inside of the United States Capitol. The show kicks… Read More

FEC Commissioners were scheduled to consider new rules today to implement the U.S. Supreme Court’s decision in the Wisconsin Right to Life case, gutting much of the McCain-Feingold campaign finance law reform in favor of free speech. But the Commissioners delayed their meeting by 2 1/2 hours this morning to wheel-and-deal behind closed doors on defining the words “indicia of express advocacy,” and how or if those words differ from the words “express advocacy.”

At issue is the fundamental right of free speech, and the right to criticize any elected official, such as, say, Hillary Clinton, for her awful policy views, even during an election campaign, without being swarmed by Federal regulators care of McCain and Feingold.

I’ll be reporting soon on any actions the FEC actually take.… Read More

Great news for California taxpayers. King Fabian “Loius Vuitton” Nunez has officially called off next week’s legislative special session. Apparently all of the forces of evil that want to expand state government’s role in health care couldn’t get on the same play sheet.

That’s good news going into a quiet Thanksgiving weekend.… Read More

This morning, FlashReport readers in and around the Capitol have a unique opportunity — to enjoy a free lunch while the New America Foundation treats you to a 90-minute left-wing indoctrination about America’s "deteriorating social contract" and how no where is this more apparent than in the current subprime mortgage crisis.

First and foremost, before you put on your AOL Instant Messenger away message to head over to the first floor of the Capitol for this event, if you are looking to get an autograph from GOP Assemblyman Ted Gaines (who was billed as a host of this event) don’t bother. He’s cancelled his attendance, and pulled his name off of the event. Why? Because he has learned that the New America Foundation has a pretty blatant policy agenda, which is to expand the size and scope of government, with a goal of redistributing wealth from one American to another, and restricting the freedom of our… Read More