Wednesday, Jun. 24, 2009


The New Deal:
The Depression was marked by unsound mortgages and nationwide foreclosures. The Federal Housing Administration was created in 1934 to insure mortgages and help people keep their homes.

The past decade saw the growth of risky mortgage practices that contributed to the financial meltdown. Obama announced in February that he would help families lower their monthly payments and refinance their mortgages.

By Eric Dodds and Rebecca Kaplan