FDIC chair: housing crisis to last until 2010

FDIC Chairman Sheila Bair said yesterday the housing crisis will
continue until at least 2010, which is the amount of time she argues it
will take for credit markets to revive and federal rescue plans to have
an impact. Bair said that most U.S. banks remain in strong financial
condition, but that the government is still “behind the curve” in
helping struggling homeowners switch to affordable loans and avoid
foreclosure.