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Politics_WIM_Housing_Crisis.sPubDate = "7/22/2008 1:18:42 PM GMT";
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Politics_WIM_Housing_Crisis.appHeader = "Why it matters|Housing Crisis";
Politics_WIM_Housing_Crisis.appDeck = "Economists have been talking about the housing crisis for months, and now the problem is expanding throughout the country.";
Politics_WIM_Housing_Crisis.appFooter = "Source: msnbc.com research";
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Politics_WIM_Housing_Crisis[i-1].body = "
Foreclosures were up nearly fifty percent in May from a year ago. Millions more Americans are facing foreclosure, as a result of high-cost loans. These foreclosures can affect the value of homes in surrounding neighborhoods, discourage further investment in the housing market and generally dampen the entire economy.";
Politics_WIM_Housing_Crisis[i++] = new Array("","What is it?","","http://msnbcmedia.msn.com/j/ap/11b873c1-db2e-489a-bc90-4d95e021318d.htease.jpg","","", "", "", "", "", "right", "Chris O'meara", "AP", "77", "148", "#000000", "", "", "", "");
Politics_WIM_Housing_Crisis[i-1].body = "
The current housing crisis is the result of house prices rising much faster than wages - which produced a boom that wasn't sustainable. This was followed by a “market correction,” or a decrease in home prices that left many home owners with a mortgage debt higher than the property value.";
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Congress is considering committing $300 billion in new, cheaper mortgages for distressed homeowners who otherwise would be considered too financially risky to qualify for government-insured, fixed-rate loans. Mortgage holders would have to take a substantial loss in the refinancing and would ultimately have to share with the government a portion of any profits they made from selling or refinancing the properties. But does a bailout effort reward people and an industry for acting irresponsibly? Some say lenders already got their bailout with the March Bear Stearns investment bank guarantees and the massive cuts in interest rates in recent months.";
Politics_WIM_Housing_Crisis[i++] = new Array("","The latest","","http://msnbcmedia.msn.com/j/msnbc/Components/Photo_StoryLevel/080614/080614-bubble-hmed-4p.htease.jpg","","", "", "", "", "", "right", "Bill O'leary", "Washington Post", "105", "148", "#000000", "", "", "", "");
Politics_WIM_Housing_Crisis[i-1].body = "
• MSNBC: Mortgage mess
• Paulson: Support for mortgage giants needed
• Fed adopts rules on shady mortgage practices
• Congress wrangles over mortgage bill
• U.S. home prices fall at record rate in April
• Editorial cartoons: Mortgage meltdown
• Lenders pledge speedy response on loan help
• For cities, all foreclosure politics are local
• House OKs housing rescue despite veto threat";
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Politics_WIM_Housing_Crisis[i-1].body = "
• Sen. Chris Dodd, D-CT., chairman of the Senate Committee on Banking, Housing, and Urban Affairs
• Congressman Barney Frank, D-Mass., House Financial Services Committee chairman and sponsor of housing rescue bill passed in House.
• President George W. Bush (.pdf)
• Mortgage Bankers Association
• Federal National Mortgage Assistance";
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Politics_WIM_Housing_Crisis[i-1].body = "
• Aid falling short for people facing foreclosures
• Ed McMahon on foreclosure fight
• Are lenders making the housing crisis worse?
• U.S. foreclosures hit record high
• Trouble on the home front?
• Rules for retirement living
• Silver lining?
• Virginia hard hit by foreclosures
• Incentives to inspire buyers";
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Politics_WIM_Housing_Crisis[i-1].body = "
• Statement by HUD Secretary Steve Preston on the HOPE Now Alliance helping homeowners obtain assistance to avoid foreclosures.
• Summary of the Foreclosure Prevention Act of 2008
• Hope Now - Support and guidance for homeowners";
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Politics_WIM_Housing_Crisis[i-1].body = "
FirstPerson: Click here to share your thoughts (Text and video submissions welcome.)";
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Politics_WIM_Housing_Crisis[i-1].body = "
Why do you think people should care about the housing crisis? Click here to enter the Newsvine community and share your point of view.";
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Politics_WIM_Housing_Crisis[i-1].body = "
Is there something else you'd like to know about? Click here to recommend another topic for \"Why it matters\".";
// END editorial data