Problems with the Making Home Affordable Program

NPR’s All Things Considered recently reported on the Making Home Affordable initiative signed into law by President Obama in March.  Though the plan promises to help 4-5 million homeowners, so far it has successfully modified only 17,000 mortgages.  For many Americans, applying for help through the initiative has turned out to be a confusing and complicated process.

You can listen as NPR’s Planet Money team follows the struggle of one young couple applying to the program HERE.  To see if you qualify for the Making Home Affordable plan, CLICK HERE.

If you or someone you know is facing foreclosure, contact a HUD-certified housing counseling agency to seek help.  To find one, call United Way’s 2-1-1 referral service at (800) 427-4626.

Tune in Tonight!

Tonight from 8-9 p.m. KWMU–90.7 FM–will air “Hard Times in Middletown,” hosted by Kai Ryssdal of Marketplace.  This will be the third of four documentaries from American RadioWorks®–the four programs help explain the current economic crisis we face today. 

To learn more about tonight’s program and other Facing the Mortgage Crisis programs on KWMU, CLICK HERE.

Reverse Mortgages

Last week NPR‘s Morning Edition included a story about reverse mortgages–what they are, how they work, and the pros and cons. 

You can listen to the broadcast and check out a Q&A about reverse mortgages by clicking here.

KWMU and Facing the Mortgage Crisis

KWMU, our St. Louis NPR station, is now partnering with us on Facing the Mortgage Crisis.  We’re excited to have them as our partner on this project–they’ve already aired a few reports about the mortgage crisis, and you can check those out by clicking HERE. 

Keep an eye (and an ear!) out for more on Facing the Mortgage Crisis from KWMU, 90.7FM.

A new wave of foreclosures…

NPR’s All Things Considered details a new wave of looming foreclosures. Click here to listen to the story.

For some context on how the mortgage crisis has been impacting the St. Louis region click here to visit an article from the St. Louis Post-Dispatch.

Missouri Stimulus Money

I heard a story on local St. Louis NPR Affiliate – KWMU – about the debate about the Economic Stimulus package money that is raging in the state capital (Jefferson City, MO). Today KWMU interviewed  Washington University professor Steve Fazzari who had an optimist view of the stimulus money. Tomorrow they interview Michele Boldrin – also a professor and chair of the economic department at Washington University. To listen to the first story CLICK HERE.

Financial Crisis for Beginners

Baseline Scenario, a site founded by three individuals. One is a professor at the London School of Economics, another was formerly the Chief Economist at the IMF, and the other is the co-founder of a software company. Together, they have created a website that gives a very basic overview of the Financial Crisis, providing context and easily digestible information. In addition, they are now a content partner with the NPR program Planet Money.

To take a look at their website, Financial Crisis for Beginners, click on the picture below.

The Coffee Pot Indicator

Economists and news organizations pay attention to foreclosures, home starts, unemployment, and other rates. Most Americans have a much more nuanced way of knowing whether their local economies are in trouble.  To find out how some Americans are measuring the depth of this recession listen to this NPR/Planet Money piece by clicking here.

How do you measure the depth of the financial crisis? What is occuring in your everyday life? Please leave us your thoughts in the comments section of our blog.

Context: How is St. Louis dealing with the mortgage crisis?

Local NPR affiliate KWMU interviewed University of Missouri – St. Louis professor Todd Swanstrom this morning. Dr. Swanstrom is working with a research group that is studying the problem is six metropolitan areas including St. Louis and Cleveland. In this report Dr. Swanstrom draws comparisons between those two cities and outlines key differences regarding the ways that each area is responding to the crisis. You can listen to the report by clicking here.

You can also view a presentation that Dr. Swanstrom gave at a conference by clicking here.

NPR: Planet Money

NPR’s “Planet Money” is a radio program designed to help people make sense of the of the rapidly changing global economy. Some of the individuals involved in creating Planet Money also work with the NPR program “This American Life”.

You can check out there podcasts and blog by clicking here.

In their latest feature Planet Money delves into jobs and the economy. As the mortgage crisis has rippled out one of its major impacts has been widespread job loss. Click here to listen to the show.