Economic analysts expect a 1.5 percent decrease in the country’s economic growth this year. With rising inflation and unemployment, the housing crisis and foreclosure problem is expected to continue.
President-elect Barack Obama promised a more transparent and effective foreclosure prevention program under his administration. To start off, he requested the second half of the bailout fund.
Following the Obama administration’s statement regarding bank bailout funds, major banks admit to their mistakes and promise to use their bailouts to rescue impending foreclosures.
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