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Homeownership and the Fading American Dream
The American dream of homeownership is in big trouble, and the Obama Administration's efforts to help struggling homeowners are not working out....
By Warren Olney • • 50m ListenThe American dream of homeownership is in big trouble, and the Obama Administration's efforts to help struggling homeowners are not working out. We hear what's going wrong and what it could mean for the future. Also, Also, an alleged Iranian assassination plot is drawing skepticism, and Pennsylvania's capital city declares bankruptcy. What's happening to American towns and cities?
Banner image: Brandie and Dan Barbiere sift through their household possesions after their home was foreclosed upon on October 5, 2011 in Miliken, Colorado. Photo by John Moore/Getty Images
In this episode
3 storiesAlleged Iranian Assassination Plot Is Drawing Skepticism
In a Detroit federal court today, the so-called "underwear bomber" pleaded guilty to trying to blow up a plane to avenge what he called "the US wreckage of Muslim lands and property."
Read the story8 minHomeownership and the Fading American Dream
Since the Great Depression, the US government has encouraged home ownership, most conspicuously with the homeowner's tax deduction. In the aftermath of the housing market collapse and the sub-prime mortgage scandal, President Obama promised help for millions of homeowners trying to avoid foreclosures.
Read the story36 minPennsylvania's Capital Declares Bankruptcy
It's been 20 years since Orange County, California filed bankruptcy under what's called " Chapter 9 ." Now the capital of Pennsylvania, has invoked that little-used provision of the bankruptcy code. Harrisburg says it can't continue providing critical services at the same time it's paying off $300 million in debt for an incinerator project.
Read the story7 min
