In late 2005, the real estate bubble burst. It was the start of a long ordeal for millions of homeowners. Standing accused were the banks that had offered subprime mortgages with higher than normal interest rates to low-income buyers. The Bush administration was charged with rushing to the aid of financial institutions while disregarding ordinary citizens. In the first weeks of his term, President Obama approved a $75-billion bailout package to help those in need.

Home foreclosures
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  • Housing Crisis Plummeting property values are a growing crisis in parts of the USA.