The news is full of stories of Southern Californians losing their homes due to ballooning interest rates. Unfortunately, it's a story as old as California.

Back in 1819, Felipe Talamantes and his son Tomas, along with some partners, acquired grazing rights in what is now Culver City. Unfortunately, the younger Talamantes ran short on cash and took out a $1500 loan, using his share of the property as collateral. Glen Howell, co-founder of the Mar Vista Historical Society, says the man who made the loan was L.A.'s first mayor, Benjamin Wilson.

"The interest rates were terrible at that time, one to two percent a month was common, and that's how many of these original grantees, the Spanish Rancho owners, lost their land."

And that's what happened. Tomas Talamantes couldn't make the payments. On December 31, 1857, his share of the property, about 20 square miles in all, was auctioned off, and Benjamin Wilson became part owner. Two years later, Wilson sold his share to several buyers, including George Sanford. There's no Talamantes Street in Culver City, no Wilson Road. But there is a Sanford Street.

(Airdate for this story: 12/30/07)