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September 06, 2007
NPR Talkshow Alert: The Subprime Mop-up
OnPointRadio.org, a nationally syndicated talkshow on NPR, is hosting a program NOW entitled, "The Subprime Mop-Up."
If you live in Greater Boston, you can listen to 90.9FM from 9-10am
this morning, Thursday, September 6, 2007, or the rebroadcast tonight
from 7-8pm. Beyond Boston, you can also listen to the program LIVE
online now or access the audio anytime later at your convenience:
Aired: Thursday, September 06, 2007 10-11AM ET
Program description: The Subprime Mop-up
If you thought the subprime mortgage mess was behind us, think again. In the next year, another two million adjustable-rate mortgages are scheduled to reset from low "teaser" rates to household budget-busting new highs.
Foreclosure rates are already soaring. In some regions, whole neighborhoods risk going under. A credit crunch backlash has markets around the world in turmoil.
Now Washington is girding to weigh in. But who, if anyone, should be bailed out? Who punished? Who reined in?
This hour On Point: homes, high-rollers, and moral hazards in the subprime mop-up.
-----
Housing economist Karl Case just ducked a question on the implications of the subprime crisis on housing prices nationwide and Congressman Barney Frank just finished speaking. The complete line-up of guests include:
- Rep. Barney Frank, Democrat from Massachusetts, chairman of the House Financial Services Committee
- Karl Case, professor of economics at Wellesley College and co-author, with Yale's Robert Shiller, of the Case-Shiller Index, the leading database of U.S. housing sales
- Michael Mussa, former chief economist at the International Monetary Fund and former member of President Ronald Reagan's Council of Economic Advisers
- Michael G. Ciaravino, Mayor of Maple Heights, Ohio, a city hit hard by foreclosures
Bill Wendel | 10:32 AM in Foreclosures, Real Estate Bubble, RECALL: Real Estate Consumer Alliance | Permalink
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Selected pull quotes: (unofficial notes typed during talkshow)
Caller from Wakefield, MA: "I'm one of those people who bought a home with an adjustable rate which can go up to 12%. Yes, we signed on the bottomline, but we were told we would have no problem refinancing in three years. Now mortgage companies don't want to work with you."
Mayor Ciaravino in Maple Heights, Ohio: "In the past three months, one percent of our housing stock has been foreclosed on."
Talkshow host Tom Ashbrook: "Where do you place the blame on this?"
Mayor Ciaravino in Maple Heights, Ohio: "Whole range of people ...at the top are the free marketeers, ...they should be held accountable."
Talkshow host Tom Ashbrook: "Do you want the
small-time mortgage holder to be bailed out?"
Mayor Ciaravino in Maple Heights, Ohio: Check audio for comment re helping individual homeowners and verify quote: "Let the investors come in, buy the homes for what they are worth, and let's start over."
Eric, real estate appaiser in Boston: Comment re: lenders pressured by larger mortgage companies. "A lot of these loans never should have been made."
Talkshow host Tom Ashbrook: "It just seems that things got of control."
Michael Mussa, former IMF chief economist: Check audio for quote re" "...some conflict of interest. This is probably going to be looked at national and state levels. Very substantial losses are going to be taken by financial institutions as well as individual homeowners."
Talkshow host Tom Ashbrook: "Where will this all end?"
Housing economist Karl Case: "From 2000 to 2005 we created $10 trillion in housing value. Prices are going to fall for a while, we don't know how far." (Listen to last minute of talkshow audio when available to get exact quote and verify $10 trillion figure.)
Posted by: RealEstateCafe | Sep 6, 2007 11:04:04 AM
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