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Economy

Vt Bankers Association: "Deposits are safe"

In an opinion piece published in this morning's Burlington Free Press, Vermont Bankers Association President Chris D'Elia assures readers that, despite news of bank failures in other parts of the country, "Vermont banks are responsible, trustworthy institutions," and "your deposits are quite safe."

He blames the recent failure of the IndyMac bank on "aggressive mortgage loans made in California, a state experiencing some of the highest levels of foreclosure in the country.

President signs housing stimulus bill

Today President Bush signed into law the Housing and Economic Recovery Act of 2008 (HR 3221). The measure provides housing organizations with a number of new tools to help slow home foreclosures and finance affordable houses and apartments.

The new legislation is a major step forward for Vermonters and the nation, according to our Executive Director Sarah Carpenter, but the work isn't finished yet.

U.S. Senate passes Housing and Economic Recovery Act

Saturday morning, on a vote of 72-to-13, the U.S. Senate passed the Housing and Economic Recovery Act (H.R. 3221).

The Senate chose not to amend the House-passed bill. It now goes to President Bush, who is expected to sign it.

Harvard study: Housing downturn worst in decades

state of the nation's housing report coverA recent study released by the Joint Center for Housing Studies at Harvard University finds the current housing downturn could be the worst in a generation.

The report shows the number of homeowners paying more than half their income on housing increased from 6.5 million in 2001 to 8.8 million in 2006.

Crisis? Or no crisis?

Is Vermont in the midst of a "housing crisis?" At last check, about two out of three people responding to a poll on The Burlington Free Press Web site say, "Yes."

What's your opinion? Take the poll.

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