The Equal Opportunity Refinance Initiative Essay

The Equal Opportunity Refinance Initiative Essay

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Foreclosure is a dangerous issue that has swept our nation in the last few years. Americans are losing their homes due to jobs being lost, home values falling, and banks lending out more money than homeowners can afford. Despite the multitude of issues that arise out of foreclosure, the main problem at hand can be almost solely traced to the economy. The recession has put many people out of work, made taking out loans more difficult, and has caused a nationwide panic. Therefore, to completely solve the foreclosure problem, it is necessary to trace the issue back to its roots, being the economy. This would take fifty pages to discuss, so this paper seeks to solve one aspect of foreclosure. Refinancing is an option that has become increasingly harder to come by, and it is difficult for homeowners to make ends meet when there are uncertainties of how to become eligible. Therefore, this paper outlines a concise refinancing plan that will help not to solve the entire foreclosure problem in one breath, but to help a good percentage of Americans get back on their feet.
This plan constitutes a creative, organized refinancing system. Homeowners need a carefully thought-out plan to eliminate any uncertainties of how they can qualify for a refinance. The Equal Opportunity Refinance Initiative gives borrowers the chance to refinance their mortgages by separating those with different circumstances into different groups. Each group has a certain set of requirements that each homeowner will fit in to, and certain groups will be given higher or lower priorities for a lower or higher interest rate partially based on the ability to make their payments on time. This plan outlines three groups. Specific loaning institutions will be allotted an ove...


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... explanation, but perfection is impossible, for experts would have already solved the problem if there was a dream solution. There are holes, and perhaps conservative viewpoints, but this is my unique vision of how the foreclosure crisis can be saved in the long run. People’s homes will be saved based on the likelihood that if given the refinance, they will make their payments on time, which will stop their home from eventually being foreclosed on. People with less than ideal conditions can still have the opportunity to refinance with their group’s allotted percentage, or by upgrading to a higher group to get a lower interest rate. By helping people in pre-foreclosure circumstances, this will prevent people from intentionally missing payments to be eligible, and will help people to aspire to move up rather than down, which will improve the situation in the long run.

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