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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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ONPOINT
TODAY
Aug 28, 2015
WDBJ-TV7 meteorologist Leo Hirsbrunner, right, wipes his eyes during the early morning newscast as anchors Kimberly McBroom, center, and guest anchor Steve Grant deliver the news at the station in Roanoke, Va., Thursday, Aug. 27, 2015. Reporter Alison Parker and cameraman Adam Ward were killed during a live broadcast Wednesday, while on assignment in Moneta. (AP Photo/Steve Helber)

A deadly shooting on live TV. Wall Street’s roller coaster ride. Biden considers a White House bid. 10 years since Katrina.

Aug 28, 2015
Lightning first ignited the Meadow fire on July 20, 2014 in Yosemite. By September 8, the fire had charred 2,582 acres. Bernie Krause has recorded soundscapes of national parks destroyed by large areas of forest fires. Listen below.  (National Park Service)

A legendary natural sound collector shares his recordings. We’ll listen in.

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Aug 28, 2015
Lightning first ignited the Meadow fire on July 20, 2014 in Yosemite. By September 8, the fire had charred 2,582 acres. Bernie Krause has recorded soundscapes of national parks destroyed by large areas of forest fires. Listen below.  (National Park Service)

A legendary natural sound collector shares his recordings. We’ll listen in.

 
Aug 28, 2015
WDBJ-TV7 meteorologist Leo Hirsbrunner, right, wipes his eyes during the early morning newscast as anchors Kimberly McBroom, center, and guest anchor Steve Grant deliver the news at the station in Roanoke, Va., Thursday, Aug. 27, 2015. Reporter Alison Parker and cameraman Adam Ward were killed during a live broadcast Wednesday, while on assignment in Moneta. (AP Photo/Steve Helber)

A deadly shooting on live TV. Wall Street’s roller coaster ride. Biden considers a White House bid. 10 years since Katrina.

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