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The Subprime Mop-Up
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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.

Guests:

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
Bob Hagerty, Wall Street Journal reporter

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Jul 3, 2015
Demonstrators shout slogans during a rally organized by supporters of the YES vote for the upcoming referendum in front of the Greek Parliament in Athens, Tuesday, June 30, 2015 Greece's European creditors were assessing a last-minute proposal Athens made for a new two-year rescue deal, submitted just hours before the country's international bailout program expires and it loses access to billions of euros in funds. (AP)

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Harmonica master Howard Levy, in a photo dated February 2012. (Courtesy the Artist)

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Jul 3, 2015
Harmonica master Howard Levy, in a photo dated February 2012. (Courtesy the Artist)

Harmonica virtuoso Howard Levy tears it up with us. From Bach to the blues.

 
Jul 3, 2015
Demonstrators shout slogans during a rally organized by supporters of the YES vote for the upcoming referendum in front of the Greek Parliament in Athens, Tuesday, June 30, 2015 Greece's European creditors were assessing a last-minute proposal Athens made for a new two-year rescue deal, submitted just hours before the country's international bailout program expires and it loses access to billions of euros in funds. (AP)

Overtime pay. Diplomatic ties with Cuba. Greece defaults. Iran deadline missed. Chris Christie jumps in. Our weekly news roundtable goes behind the headlines.

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