Long lasting consequences of the housing market crisis

President Bush's administration tries to help and do the actions supporting recovering of the housing market and the mortgage crisis. The solution is not easy and almost no one wants to take the responsibility for such an impact on American economy as mortgages can cause. Things happen. Life is not always bright and there are always some problems that we need to fix on our way. State is supposed to take care of their people, their peace and comfort as much as possible. This task is not always easy to fulfill. American economy seems to be in crisis. Failure of mortgage market will have lots of consequences in the future. Country administration made a deal with mortgage industry to freeze certain subprime mortgage rates for five years and give the space for housing market to recover.Since the war in Iraq started it appears that States have more problems than it was usual before. The war that was supposed to be short and directly aimed to the clear goal takes long time already and is devastating one of the biggest and strongest federation in the world. Americans believed this was the way how to fight terrorism and how to keep their position of invisible big hand for the whole world. Today it seems they need help from the outside or the idea of great man had more than one hole inside of it.Everyone is calling for change and this happened because consequences of fighting became obvious in people's everyday lives. High rate of mortgages and deep crisis in housing market lead to inconvenience and discomfort. And the most important, the value of the state insurance of beneficial life has fallen down like a house of playing cards.

related story: http://news.yahoo.com/s/ap/20080107/ap_on_bi_ge/paulson_housing;_ylt=AgpBvn4ArkPFD.xyPLF63Ies0NUE

by Natalia Holvova for PocketNews (http://pocketnews.tv)

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Edited by Iveta Nagyova