Chris Arnold

In Boston, Lockdown Became Time To Spend With Friends

Chris Arnold — Sat, 20 Apr 2013 17:57:00 +0000

Transcript

SCOTT SIMON, HOST:

And of course last night, many Bostonians cheered the news that the second suspect in the marathon bombings had been captured. While the backdrop is tragic, residents across the city permitted themselves a moment of celebration.

Saving For Retirement? Here's A Tip

Chris Arnold — Sat, 01 Sep 2012 10:12:00 +0000

Anyone with a 401(k) retirement plan has been painfully aware of the gyrations in the stock market in recent years. The market has come back up lately, but the economy is still in low gear, so many analysts aren't too bullish in the short term. Also, treasuries and CDs are offering tiny returns.

So what's the average American trying to save for retirement to do? Answers are percolating at an annual economics retreat in Maine.

Every year in August, some of the nation's top economists, money managers and some Federal Reserve officials gather in the woods up near the Canadian border.

Fishing For Lobsters Not Just A Man's Game

Chris Arnold — Sun, 19 Aug 2012 10:21:00 +0000

In New England, more women are breaking through the glass gangway. That's the ramp you use to walk down onto a dock to hop onboard your own fishing boat. For generations lobstermen in Maine have been predominantly, well, men — but that's starting to change.

At a small gas dock in a rock-lined cove on Deer Isle, Maine, there's a new captain fueling up. Genevieve Kurilec, 29, wears a tank-top, orange fishing overalls and lobster buoy earrings.

Kurilec's vessel, Hello Darling, is a small lobster boat. It has a standup center console with a steering wheel — no roof or cabin for shade.

Persuading Banks To Give Homeowners A Break

Chris Arnold — Thu, 16 Aug 2012 07:28:00 +0000

Over the past four years, Bruce Marks has been on a traveling road show to help people avoid foreclosure. His nonprofit, the Neighborhood Assistance Corporation of America, has held more than 80 events in cities around the country.

Maine Lobstermen Give Farming Sea Scallops A Try

Chris Arnold — Sun, 12 Aug 2012 09:51:00 +0000

If you don't love scallops, you probably just haven't had one that's cooked properly. That is, pan fried with some garlic and butter and herbs. They are very tasty.

In Maine, scientists and fishermen are learning how to farm, instead of catching, these tasty sea critters. That could be good for business and the environment.

Out on the water off Stonington, Maine, Marsden Brewer is motoring his lobster boat through the crowded fishing harbor. Today, just about all the boats here are lobster boats. But 30 years ago, he says, it was a different story.

"You see all the boats and stuff?

Economists Cautiously Applaud Jobs Report

Chris Arnold — Sat, 04 Aug 2012 11:32:00 +0000

Transcript

SUSAN STAMBERG, HOST:

This is WEEKEND EDITION from NPR News. I'm Susan Stamberg in for Scott Simon. In an encouraging sign for the U.S. economy, the Labor Department told us yesterday that the country gained 163,000 jobs in July. That was better than expected but not all signs are pointing up. In a separate government survey, the unemployment rate increased slightly to 8.3 percent. NPR's Chris Arnold is at a gathering of economists in northern Maine.

Fannie, Freddie Regulator Holds Firm Against Mortgage Write-Downs

Chris Arnold and Avie Schneider — Tue, 31 Jul 2012 21:20:00 +0000

A federal regulator is blocking the government-owned mortgage giants Fannie Mae and Freddie Mac from reducing the principal that homeowners owe on their mortgages in order to avoid foreclosures.

Tuesday's decision came from Edward DeMarco, the acting director of the Federal Housing Finance Agency.

NPR and ProPublica reported earlier this year that Fannie and Freddie had each determined that reducing principal for struggling borrowers would save money by preventing foreclosures.

Factories Scaling Back Amid Economic Slide

Chris Arnold — Mon, 02 Jul 2012 21:00:00 +0000

Transcript

MELISSA BLOCK, HOST:

In what could be a troubling sign for the U.S. economy, manufacturing activity started contracting last month. U.S. manufacturing has been a much-needed bright spot, with companies adding jobs and selling more products.

But today, as NPR's Chris Arnold tells us, we got evidence that things might be changing.

CHRIS ARNOLD, BYLINE: This so-called ISM Index showed that manufacturing has been shrinking for the first time in three years. That definitely doesn't sound good.

Morale Takes A Hit At Beleaguered Fannie, Freddie

Chris Arnold — Wed, 27 Jun 2012 07:00:00 +0000

The collapse of the housing market has led to plenty of finger-pointing in Washington. Two easy targets are Fannie Mae and Freddie Mac.

These government-backed mortgage giants had to be rescued by taxpayers and now owe the government $188 billion.

Housing Recovery Seen; Will Credit Be The Spoiler?

Chris Arnold — Thu, 14 Jun 2012 08:30:00 +0000

Amid all the economic uncertainty over the credit crisis in Europe and slow job growth in the U.S., one sector may be looking up. The U.S.

As Economic Headwinds Pick Up, Employers Lay Low

Chris Arnold — Fri, 08 Jun 2012 21:09:00 +0000

After adding a robust 275,000 new jobs back in January, job growth appears to be slowing. The Labor Department reports that the economy added only 69,000 jobs in May.

Meanwhile, despite the worst recession in generations, there are still countless small business owners plugging away around the country, seeking to expand and hire more employees.

"This year we hired two more technicians, and we hope to hire one more," says Srinivas Konanki, who employs 20 people at Pipette Calibration Services, a laboratory equipment company he owns with his wife.

The Konankis operate just outside Boston.

After The Housing Bust, Revisiting Homeownership

Chris Arnold — Mon, 04 Jun 2012 19:54:00 +0000

For generations, owning a home has been a key part of the lifestyle most Americans aspire to. But when the mortgage crisis exploded in 2007, it brought down the U.S. housing market — and the entire economy along with it.

The ensuing recession was an assault on the American dream of homeownership itself. The tidal wave of foreclosures, the crash in home prices and tighter lending standards have left some Americans unable or simply too nervous to buy a house.

In the wake of the housing crisis, a flurry of media coverage has trumpeted how Americans are rethinking homeownership.

Europe's Debt Weighs On U.S. Employers

Chris Arnold — Sat, 02 Jun 2012 11:55:00 +0000

Transcript

SCOTT SIMON, HOST:

So, why is job growth slowing? Well, part of the problem, as we just heard, appears to be in Europe. The economic turmoil there is looking worse, and that has ripped into the U.S. economy and slowing down hiring.

Reports For Housing Industry Appear Promising

Chris Arnold — Thu, 24 May 2012 08:48:00 +0000

The latest reports show that both new and existing home sales are up. What's spurring the improvement, and can it last? Not all economists, however, are optimistic.

Time To Trade The Lease For A Mortgage?

Chris Arnold — Tue, 01 May 2012 21:59:00 +0000

This week, the U.S. Census Bureau announced that in the first quarter of 2012, the American homeownership rate hit its lowest level in 15 years. During the housing boom, millions more Americans bought homes, bumping the rate to nearly 70 percent. Now, that buying spree has been replaced with millions of foreclosures, and most of those gains have been lost.

As the homeownership rate keeps falling, it has also become a very good time to buy a house. Very low interest rates, courtesy of the Federal Reserve, and falling prices are making it even cheaper to buy a house these days.

Continued Job Growth Will Help Housing Industry

Chris Arnold — Mon, 23 Apr 2012 10:08:00 +0000

Transcript

STEVE INSKEEP, HOST:

Later this week, we get some key data to help judge the state of the nation's housing market. There are some early signs of recovery, but home prices are still falling in many areas, as NPR's Chris Arnold reports.

CHRIS ARNOLD, BYLINE: Tomorrow, we'll get the latest word on home prices from what's called the S&P Case-Shiller index. That keeps showing price declines in many areas.

As Gasoline Goes Up, Natural Gas Cheaper Than Ever

Chris Arnold — Wed, 18 Apr 2012 21:04:00 +0000

At the same time gasoline prices are soaring, the cost of electricity is falling. The reason? Cheap and plentiful natural gas. A utility in Massachusetts has just sliced rates by 34 percent. Coming out of a recession, the lower electricity prices are quietly boosting the economy and providing some welcome savings to businesses and families.

Hoping For Payout, Investors Become Landlords

Chris Arnold — Mon, 16 Apr 2012 07:23:00 +0000

The housing market has a new frontier — turning foreclosed homes into rental properties. Some big-time investors are starting to buy up thousands of homes to turn into rentals. That might help shore up home prices. But some housing advocates are nervous.

For decades, most single-family homes available for rent have been owned by mom-and-pop landlords. Sometimes it's the nice old guy up the street who owns a couple of rental homes, and some even offer advice on the Internet.

But, it's not just mom-and-pops anymore.

Fannie, Freddie Weigh Mortgage Write-Downs

Chris Arnold — Wed, 11 Apr 2012 06:53:00 +0000

Hundreds of thousands of homeowners facing foreclosure might get help by having the amount they owe reduced by Fannie Mae and Freddie Mac.

This is a hot topic in Washington, D.C., with many Democrats pushing for these so-called "principal reductions" to try to help the housing market.

Bond Auction Indicates Europe's Troubles Persist

Chris Arnold — Thu, 05 Apr 2012 08:00:00 +0000

A Spanish bond auction went poorly Wednesday, suggesting that Spain may be becoming the next Greece. It was the first auction without a lot of help from the European central bank.

Fixing The Cutting-Edge: Innovation Meets Table Saw

Chris Arnold — Mon, 02 Apr 2012 14:47:00 +0000

When you think of cutting-edge technology, power tools don't generally come to mind. Take the table saw: Many woodworkers are using 30-year-old saws in their wood shops and, among the major tool companies, there hasn't been much innovation since those decades-old tools came out.

But more and more inventors are trying to make these saws safer — and David Butler is one of them. At his home in Cape Cod, Mass., Butler flips on the fluorescent lights in his basement turned wood shop.

"I've been a lifelong woodworker," Butler says.

Fannie, Freddie Press For Mortgage Write-Downs

Chris Arnold — Fri, 23 Mar 2012 09:03:00 +0000

The two most powerful entities in the housing market — Fannie Mae and Freddie Mac — could be on the verge of a significant change regarding foreclosures. NPR and ProPublica have learned that both firms have concluded that giving homeowners a big break on their mortgages would make good financial sense in many cases.

In these so-called principal write-downs, a portion of the loan is forgiven for someone who's having trouble paying. Many Democrats are pushing for this change.

The Market's Finally Looking Up: Will It Last?

Chris Arnold — Fri, 16 Mar 2012 20:51:00 +0000

The stock market hit some major milestones this week: The Standard & Poor's 500 index reached its highest level in more than three years, the Dow Jones industrial average settled in above 13,000 — up about 24 percent since early October — and the Nasdaq rose to its highest level in 11 years. Still, the Federal Reserve has been warning not to get too excited about where the economy is headed next.

David Kotok, chairman and chief investment officer at Cumberland Advisors, says there are a bunch of reason for stocks to be rising.

"Europe didn't collapse — that was one," Kotok says.

Fed Waits For Economic Growth To Pick Up

Chris Arnold — Wed, 14 Mar 2012 08:00:00 +0000

Even as the job market is improving and other indicators are positive, the Federal Reserve wants to keep interest rates super low until 2014. The Fed reaffirmed that policy Tuesday. That's likely because the economy is still growing slowly — not nearly fast enough to sustain consistent, long-term job creation.

How Many U.S. Jobs Does Apple Really Create?

Chris Arnold — Tue, 06 Mar 2012 23:01:00 +0000

Apple has about 47,000 workers in the U.S. That's not a huge amount for such a profitable and influential company. Now the tech giant is saying it has actually created about 10 times that many jobs indirectly.

Some economists are skeptical of the claim. And the move comes as Apple is facing increased criticism and scrutiny over labor practices at factories it outsources to in China.

For a long time, Apple has enjoyed one of the best public images imaginable.

Bank Settlement Could Temporarily Spur More Foreclosures

Chris Arnold — Fri, 10 Feb 2012 09:00:00 +0000

The multi-billion dollar bank mortgage settlement could have some unanticipated consequences for borrowers in trouble. There will likely be an initial surge of foreclosures. Banks, freed from uncertainty over the investigation, will probably pick up the pace of home seizures. But the foreclosure rate will probably fall over the longer term as banks ease the burden on borrowers through principal reductions.

Potential Conflicts At Freddie Mac Draw Scrutiny

Chris Arnold — Thu, 09 Feb 2012 05:01:00 +0000

A federal Inspector General's office confirmed Wednesday it is looking into Freddie Mac investments that act as bets against homeowners being able to refinance.

In addition, U.S.

Senator Demands Answers from Freddie Mac's Regulator

Chris Arnold and Jesse Eisinger — Fri, 03 Feb 2012 20:50:00 +0000

Sen.

Report Prompts Calls To End Freddie Mac's Conflict Of Interest

Chris Arnold — Tue, 31 Jan 2012 00:00:00 +0000

Several U.S. lawmakers and prominent economists on Monday said Congress and the White House should end a financial conflict of interest at the taxpayer-owned mortgage company Freddie Mac.

Mortgage Giant Places Bets Against Homeowners

Chris Arnold — Mon, 30 Jan 2012 22:08:00 +0000

Transcript

MELISSA BLOCK, HOST:

Freddie Mac is a gatekeeper in the mortgage market. In many cases, the taxpayer-owned mortgage company controls who qualifies to refinance a mortgage and who doesn't. Well, NPR has learned that Freddie Mac has been making financial wagers, betting against American homeowners being able to refinance. And now some lawmakers want to put a stop to it. NPR's Chris Arnold has been reporting this story in partnership with ProPublica.org.