FDIC Chief Sheila Bair Sees Housing Pain into 2010

By: AP
By: AP

WASHINGTON (AP) _ The head of the Federal Deposit Insurance
Corp. says the housing crisis likely will last into 2010.

FDIC Chairman Sheila Bair says the credit market has to revive and government rescue programs must have time to make an impact.

Bair says regulators are bracing for a difficult year ahead as the economy staggers under the worst crisis since the 1930s and
mounting job losses push more struggling home borrowers into
default. But she tells The Associated Press ``we'll work through
it.'' And she says ``By 2010 we'll be seeing the light at the end
of the tunnel.''

Industry reports show the number of U.S. homeowners dragged into the housing crisis fell in November to the lowest level since June
as new state laws lengthened the foreclosure process.


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