PLEDGE NOW
Radical Fixes For The Housing Crisis

With mortgage increases at historic lows and foreclosures still all over, we’re talking about radical and practical fixes for housing.

Fixed mortgage rates fell to at or near record lows Thursday, Aug. 11, 2011. That's good news for the few who can afford to buy a home or are able to refinance. But the rates have done little to lift the ailing housing market. (AP)

Fixed mortgage rates fell to at or near record lows Thursday, Aug. 11, 2011. That's good news for the few who can afford to buy a home or are able to refinance. But the rates have done little to lift the ailing housing market. (AP)

Historic low home mortgage interest rates right now, after the Fed’s latest low-interest vow. Around 4.3 percent for a 30-year fixed mortgage. 3.5 percent for a 15-year mortgage.

The irony, of course –- the people who need to refinance most badly can’t. Their home values are underwater. Their credit scores have gone the way of lost jobs.

So the foreclosure tide rolls on. Some big economists are saying we won’t restart the economy until we fix housing. Some radical plans are out there. A housing reset. Should we do it?

This hour On Point: thinking big on American housing.

-Tom Ashbrook

Guests

Christopher Mayer, professor of real estate, Columbia Business School, and co-director of the Richard Paul Richman Center for Business, Law, and Public Policy at Columbia University. You can find his plan here.

Diana Olick
, real estate correspondent for CNBC.

Zachary Goldfarb, covers President Obama’s economic, financial and fiscal policy for the Washington Post.

From Tom’s Reading List

The New York Times “In a normally functioning mortgage market, almost all homeowners would have refinanced their mortgages to take advantage of low rates. Yet today, low interest rates are doing little to stimulate the housing market because of other stresses, including declines in house prices, falling household incomes and banks’ wariness of making loans. “

Please follow our community rules when engaging in comment discussion on this site.
ONPOINT
TODAY
Jul 8, 2015
In this May 14, 2015, file photo, Education Secretary Arne Duncan visits with young student Mario Corona, age 6, in kindergarten at McGlone Elementary School in the Montbello section of Denver. The Obama administration is giving seven more states and the District of Columbia more flexibility from the requirements of the Bush-era No Child Left Behind education law. In addition to Washington, Duncan on June 23 renewed waivers for Georgia, Hawaii, Kansas, Missouri, Nevada, New York, and West Virginia. (AP)

The end of No Child Left Behind. Lawmakers debate an all-new federal education policy. We’ll look at the proposals and pushback

Jul 8, 2015
In this photo taken Friday, June 12, 2015, at Camp Coniston John Tilley, executive director, walks through the camp as they prepare to open for the summer season in Croyden, N.H. (AP)

Pack your sleeping bag. Leave your iPhone at home. We’re heading off to summer camp. Our midsummer salute to an American tradition.

RECENT
SHOWS
Jul 7, 2015
Freddy Osborne, left, and teammate Nikolai Darken, second left, both from Fairfield, Conn., play a word against teammates Yanni Raymond, right, and Knox Daniel, second right, both from Charlottesville, Va., during the first round at the 2015 North American School SCRABBLE Championship at Hasbro headquarters in Pawtucket, R.I., Saturday, May 16, 2015.  (AP)

From the living room to world championships, Scrabble is fun—and fiercely competitive. We’ll dig in.

 
Jul 7, 2015
Supporters of the No vote celebrate after the results of the referendum in the northern Greek port city of Thessaloniki, Sunday, July 5, 2015. Greeks overwhelmingly rejected creditors’ demands for more austerity in return for rescue loans in a critical referendum Sunday, backing Prime Minister Alexis Tsipras, who insisted the vote would give him a stronger hand to reach a better deal.  (AP)

Greeks spoke and said no to the European ultimatum. Folly or bravery, these are uncharted waters for Europe and Greece.

On Point Blog
On Point Blog
Our Week In The Web: July 3, 2015
Friday, Jul 3, 2015

We made a lot of last-minute programming changes these past few weeks, and you stuck around with us through it all. Thanks!

More »
3 Comments
 
Election 2016: Who Exactly Is Running For President?
Tuesday, Jun 30, 2015

Who is running for President, anyway? We attempt to help you figure it out.

More »
9 Comments
 
Our Week In The Web: June 19, 2015
Friday, Jun 19, 2015

Why our broadcast changed in different markets this week, and a closer look at a puppet theatre vandalism in rural Norway. (Really).

More »
Comment