From PRI Public Radio International and KCRW Santa Monica, this is To the Point.

Can Washington halt the mortgage meltdown?

I'm Jim Sterngold sitting in for Warren Only, and this is To the Point from Public Radio International,

a daily look at the issues Americans care about most. First, it was just defaults of subprime mortgages, but now the turmoil

of a shaky housing industry is spreading throughout the credit markets and the stock

market. Experts are asking if the national economy is in trouble because of all those ripples.

The Federal Reserve, the President, and now Congress are considering aid.

Is it too late? And is a recession unavoidable? On reporter's notebook later on, a year ago,

North Korea exploded a nuclear bomb and an underground test, sending shockwaves throughout the world.

Today, it's dismantling its nuclear program. What went right? First, here's the news.

Support for To the Point comes from subscribers of KCRW Santa Monica and from the Public Radio

International Program Fund, whose contributors include the Ford Foundation and the John D. and

Catherine T. McArthur Foundation. I'm Jim Sterngold, sitting in for Warren Only, back with To the

Point from PRI.

One of the bright spots in the national economy had been the tremendous gains in home prices and construction.

President Bush has declared that his ownership society policies have worked.

Now foreclosure rates are soaring and even wealthy investors are losing billions of dollars.

As the country gears up for an election,

Washington is scrambling to calm the crisis, but will politics help or make things worse?

On reporter's notebook, with North Korea backing away from nuclear confrontation, the U.S.

has to decide if this new cooperation is sincere. First, this news update. President Bush

flew to Iraq yesterday to assess for himself

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