Chris Arnold

NPR correspondent Chris Arnold is based in Boston. His reports are heard regularly on NPR's award-winning newsmagazines Morning Edition, All Things Considered and Weekend Edition. He joined NPR in 1996, and was based in San Francisco before moving to Boston in 2001.

In recent years, Arnold has spent much of his time reporting on the financial crisis, its aftermath, and the U.S. economy's ongoing recovery. He has focused on the housing bubble and its collapse. And he's reported on problems within the nation's largest banks that have led to the banks improperly foreclosing on thousands of American homeowners. For this work, Arnold earned a 2011 Edward R. Murrow Award for the special series, The Foreclosure Nightmare. He's also been honored with the Newspaper Guild's 2009 Heywood Broun Award for broadcast journalism. He was chosen by the Scripps Howard Foundation as a finalist for their National Journalism Award, and he won an Excellence in Financial Journalism Award from N.Y. State's society for CPA's.

Arnold is also reporting on the now government-owned mortgage giants Fannie Mae and Freddie Mac. In a series of stories in partnership with ProPublica, Arnold exposed investments at Freddie Mac that raised serious concerns about a conflict of interest between Fannie and Freddie's massive investment portfolios, and their mission to make home ownership more affordable. The stories generated widespread attention, and led to calls for an investigation by members of Congress.

Arnold was recently honored with a Nieman Journalism Fellowship at Harvard University during the 2012-2013 academic year. He joined a small group of other journalists from the U.S. and abroad and studied, among other things, economics and the future of home ownership in America.

Prior to that, Arnold covered a range of other subjects for NPR – from Katrina recovery in New Orleans and the Gulf Coast, to immigrant workers in the fishing industry, to a new kind of table saw that won't cut your fingers off. He traveled to Turin, Italy, for NPR's coverage of the 2006 Winter Olympics. He has also followed the dramatic rise in the numbers of teenagers abusing the powerful and highly addictive painkiller Oxycontin – more than 1 out of 20 high school seniors report using the drug.

In the days and months following the Sept. 11, 2001, attacks, Arnold reported from New York and contributed to the NPR coverage that won the Overseas Press Club and the George Foster Peabody Awards. He chronicled the recovery effort at Ground Zero, focusing on members of the Port Authority Police department, as they struggled with the deaths of 37 officers - the greatest loss of any police department in U.S. history.

Prior to his move to Boston, Arnold traveled the country for NPR doing feature stories on entrepreneurship. His pieces covered technologists, farmers, and family business owners. He also reported on efforts to kindle entrepreneurship in economically disadvantaged areas ranging from inner-city Los Angeles to the Pine Ridge Indian reservation in South Dakota.

Arnold has worked in public radio since 1993. Before joining NPR, he was a freelance reporter working out of San Francisco's NPR Member Station, KQED.

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5:20pm

Tue July 31, 2012
The Two-Way

Fannie, Freddie Regulator Holds Firm Against Mortgage Write-Downs

Many experts say reducing mortgage principal can help troubled homeowners avoid foreclosure and stay in their homes. But the regulator who oversees two of the nation's largest mortgage holders, Fannie Mae and Freddie Mac, has rejected the idea.
Justin Sullivan Getty Images

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.

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4:33pm

Mon July 2, 2012
Economy

Factories Scaling Back Amid Economic Slide

Originally published on Mon July 2, 2012 6:35 pm

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.

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4:51am

Mon July 2, 2012
Business

Sales Tax In Health Law Targets Medical Devices

Originally published on Mon July 2, 2012 7:23 am

Some industries stand to benefit now that the health care law has been upheld by the Supreme Court. For makers of medical devices, the ruling means frustration because a sales tax on their equipment stays in place.

3:00am

Wed June 27, 2012
Crisis In The Housing Market

Morale Takes A Hit At Beleaguered Fannie, Freddie

Originally published on Wed June 27, 2012 6:47 pm

Created by the federal government during the Great Depression, Fannie Mae became a Washington powerhouse: a highly profitable, private company, protected by the government and boasting huge lobbying clout. But today, Fannie Mae has essentially become a ward of the state.
Manuel Balce Ceneta AP

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. Still, Fannie and Freddie, which currently make the vast majority of home loans possible, are crucial to supporting the housing market right now.

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4:30am

Thu June 14, 2012
Crisis In The Housing Market

Will Credit Be The Spoiler In Housing Recovery?

Originally published on Thu June 14, 2012 11:04 am

The housing market is finally showing signs of a comeback, according to an annual study from Harvard. But, though mortgage interest rates are at record lows, banks are often too cautious to lend.
Seth Perlman AP

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. housing market is finally showing more signs of recovery, according to a report being released Thursday by Harvard University.

Harvard comes out with this study once a year, and this time around, it's painting a much brighter picture.

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5:09pm

Fri June 8, 2012
Economy

As Economic Headwinds Pick Up, Employers Lie Low

Originally published on Fri June 8, 2012 6:59 pm

Srinivas Konanki and his wife own a small laboratory device company near Boston. Concerns about the economy have left them wary of hiring new employees.
Chris Arnold NPR

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.

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3:54pm

Mon June 4, 2012
American Dreams: Then And Now

After The Housing Bust, Revisiting Homeownership

Originally published on Mon June 4, 2012 7:44 pm

Nationwide, home sales are up, mortgage rates are down and in many places, owning a home is as attractive as renting for the first time in years.
Chris O'Meara AP

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.

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7:55am

Sat June 2, 2012
Economy

Europe's Debt Weighs On U.S. Employers

Originally published on Sat June 2, 2012 11:01 am

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. NPR's Chris Arnold has more from Boston.

CHRIS ARNOLD, BYLINE: The weather this week was beautiful in Boston, so it's perfect for tourists having lunch outside by the harbor or taking a trolley bus around to do some sightseeing.

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5:59pm

Tue May 1, 2012
Crisis In The Housing Market

Time To Trade The Lease For A Mortgage?

Originally published on Wed May 9, 2012 10:44 am

According to the U.S. Census Bureau, homeownership rates got even closer to pre-housing boom numbers in the first quarter of 2012.
Steven Senne AP

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.

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3:23am

Mon April 16, 2012
Crisis In The Housing Market

Hoping For Payout, Investors Become Landlords

Originally published on Mon April 16, 2012 5:08 am

Renzo Salazar maintains the yard around a foreclosed house in Miami after the bank hired him to keep the home from falling into complete dilapidation.
Joe Raedle Getty Images

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.

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