Nov
13
The sorry state of the US housing market has become even more apparent with price crashing and foreclosures rising 25% in October, according to the latest reports.
But what makes it more appalling is the approach taken by Henry Paulson. Now basically consigned to lame duck status, Paulson has indicated he is prepared to help nonbank lenders involved with credit cards, auto loans and other forms of consumer finance. But as he indicates here, he won't do anything about buying bad home mortgages and ensuring people don't lose their homes.
The political tensions over the issue are examined here. But the bottom line is that this will keep the US in a state of fear and uncertainty for some time.
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