Expert: Mortgage Defaults Won't Key Recession

Subprime mortgages were responsible for a huge rise in home ownership over the last few years — and those high levels are likely to come back down when many homeowners are unable to make their mortgage payments.

So says Bill Wheaton, MIT economics professor. But Wheaton also says that while many companies and individuals will take a financial hit when mortgage defaults spread, it is unlikely to trigger a recession.

Robert Siegel talks with Wheaton.

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