White House winner will have to deal with housing, European debt problems

The election is all about the economic recovery in the next presidential term: the broken housing market and the European debt crisis.

In this June 25, 2008, photo, buildings and palm trees are reflected on the entrance of the Countrywide Financial Corp. office in Beverly Hills, Calif. The top federal prosecutor in Manhattan sued Bank of America, which acquired Countrywide in 2008, for more than $1 billion on Wednesday, Oct. 24, 2012, for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis. (AP Photo/Kevork Djansezian)

In this June 25, 2008, photo, buildings and palm trees are reflected on the entrance of the Countrywide Financial Corp. office in Beverly Hills, Calif. The top federal prosecutor in Manhattan sued Bank of America, which acquired Countrywide in 2008, for more than $1 billion on Wednesday, Oct. 24, 2012, for mortgage fraud against Fannie Mae and Freddie Mac during the years around the financial crisis. (AP Photo/Kevork Djansezian)

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