Economy

July 14, 2010 6:47 AM

Critics call California foreclosure plan a big bank bailout

A $700 million state plan to prevent 40,000 California foreclosures came under fire Tuesday from activists who called it another bailout for the nation's largest banks. Representatives of statewide unions, churches and community groups said new state plans to partially pay off mortgages of struggling homeowners will largely subsidize bank losses and leave owners still owing too much to avoid foreclosure.

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