Our car-dependent, suburban, homeowner culture is no longer affordable. An exhibit at MoMA examines what to do about it.
If all underwater mortgages were written down to market value and refinanced, it would add $71 billion a year to the economy and create 1 million jobs.
Second-lien debt could be a greater threat to bank solvency than the subprime disaster of 2008.
Angelo Mozilo, former CEO of Countrywide Financial, has just agreed to pay $67.5 million SEC fine. But the landmark 2008 settlement with Bank of America, which had acquired Countrywide that year, has done little to help defrauded homeowners.