Is Federal Action Making the Housing Crisis Better or Worse?
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Despite federal efforts to "modify" mortgages, America's housing crisis is getting worse. Without greater protection, will more people walk away from their loans? Should banks and other lenders take the hit? Is economic recovery at risk? Also, Democratic Senator Chris Dodd decides against running for a sixth term, and mobile apps, Androids and a possible tablet from Apple. We get the latest on consumer technology.
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Making News
Senators Dodd and Dorgan to Retire ()
After 35 years on Capitol Hill, Democrat Chris Dodd of Connecticut announced today he won't run for a sixth term in the Senate. At the age of 65, Dodd said this was his moment "to step aside." White House reporter Chris Cillizza writes The Fix blog at WashingtonPost.com.
Guests:
- Chris Cillizza: Political Reporter, Washington Post, @thefix
Links:
Main Topic
Is Federal Action Making the Housing Crisis Better or Worse? ()
Fifteen million Americans are "underwater," meaning they owe more on their mortgages than their homes are worth. The Obama Administration has $75 billion for a year-old program called Making Home Affordable, but there's widespread agreement that it's a failure that could be making things worse. Critics say false expectations have led people to waste money trying to stay in homes they really just can't afford. And banks have been hiding their losses. Are a vast number of foreclosures just being kicked down the road? Is a federal bailout required or should cruel financial reality be allowed to take its course? We debate an issue that's crucial to home-owning Americans, the housing industry and economic recovery.
Guests:
- Peter Goodman: National Economic Correspondent, New York Times, @petersgoodman
- Marlene: California homeowner
- Mark Zandi: Chief Economist, Moodys Economy.com
- Kent Smetters: Professor of Insurance and Risk Management, University of Pennsylvania's Wharton School of Business
Links:
- HUD's Hope for Homeowners
- Consumer Credit Counseling
- Goodman's article on negative impact of federal loan effort
- Homeowners Emergency Mortgage Assistance Act (HR 3142)
- Goodman's 'Past Due: The End of Easy Money and the Renewal of the American Economy'
- Zandi's 'Financial Shock:Global Panic and Government Bailouts--How We Got Here and What Must Be Done to Fix It'
Reporter's Notebook
Oh, the Gadgets We'll See ()
When it comes to communications, content is supposed to be king, but these days it's all about new technology. Yesterday it was the Nexus One smart-phone from Google. Does the future hold a tablet from Apple? That question is already part of the buzz at the world's biggest consumer electronics show, which begins in Las Vegas tomorrow. Dylan Tweney is there for Wired magazine, where he's senior editor specializing in the coverage of new gadgets.
Guests:
- Dylan Tweney: Senior Editor, Wired magazine
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