Housing

Subprime mortgages may be hurting the market now, but at some point these loans helped someone buy their first home. Dan Grech has the story of one immigrant family's housing success, then struggle.

A Florida fund that for 25 years gave school districts and local governments a safe place to park their investments has lost $10 billion in two weeks. Groups with money at risk led a run on the fund when they got nervous about its investments in subprime loans. Dan Grech reports.

Moody's Investors Service is warning it might soon downgrade $105 billion in debt related to structured investment vehicles. It's the biggest rating cut since the subprime crisis hit last summer, and not at all what the credit industry's looking for. Jill Barshay reports.

Treasury Secretary Henry Paulson says he hopes by the end of the week to have a plan for fixing some of the subprime mortgage meltdown — but it's not going to be easy. Kai Ryssdal has more.

Is it time for the government to step in to stop falling house prices? Tess talks to economist Robert Shiller about the next steps in the housing crisis.

Many mortgage holders who took out subprime loans with teaser rates will find those rates climbing within the next two years. Alisa Roth reports government offices and financial institutions are negotiating a deal to help.

Congress is bent on finding a way to reduce foreclosures around the country. But economics correspondent Chris Farrell says we should do it by abolishing something Washington holds sacred: the mortgage deduction on taxes.

The U.S. Conference of Mayors put out a detailed report today, forecasting just how badly cities are being affected by the housing slump. Bob Moon talked with Louisville Mayor Jerry Abramson about how the downturn is affecting his city and others.

With the rise of foreclosure filings comes the parallel rise in foreclosure auctions. Lisa Chow checks out the auction block in New York City and looks into whether or not it's worth it to buy.