Has San Diego Recovered From Lehman Brothers Collapse?
Monday, September 15, 2014
Aired 9/15/14 on KPBS Midday Edition.
Michael Lea, lecturer of finance, The Corky McMillin Center for Real Estate, SDSU
Marney Cox, chief economist, SANDAG
Six years ago Monday, the giant investment banking group Lehman Brothers filed for bankruptcy — a move that sent the stock market plummeting. The end of Lehman Brothers in 2008 marked the beginning of public awareness that the U.S. economic system was in serious trouble.
However, the problems started years before, when shaky loans on overpriced homes were sold to clients as solid investments. And it's for that root cause of the Great Recession that Bank of America has agreed to pay more than $16 billion to settle a federal lawsuit.
The settlement made headlines a few weeks ago, but what will that mean for homeowners still struggling to stay in their homes?
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