The worst of the economic crisis is over,

according to U.S. officials speaking at a financial conference Friday

at Vanderbilt University.

Frank Nothaft, the chief economist for

Freddie Mac, said housing sales have just about hit bottom and a third

of home sales are now foreclosed properties.

Dennis Lockhart, president of the Federal

Reserve Bank of Atlanta, warned that the declining commercial real

estate market still poses a risk to the economy.

New York Fed chief William Dudley

complained that the programs the government has put in place are being

undermined by public perception that they are unfair to average

taxpayers and that has made some potential investors fearful that they

would be the focus of public outrage if they profit from the programs.

It is worth emphasizing (that) actions

that lead investors to shun taking risk, especially in this

environment, are ultimately detrimental to the ability of households

and businesses to secure credit at reasonable borrowing rates, Dudley


Source: Reuters News, Ros Krasny and Kristina Cooke (04/18/2009)