America's Foreclosure Problem
opinion Essay
1391 words
The foreclosure problem plaguing America may be defined by current vacant properties, but impending property loss to foreclosure may be a neglected element in the definition of this social problem. Foreclosures may continue to escalate as the economic situation worsens, and neglecting impending foreclosures could be a missed opportunity to curbing this problem that is currently at a critical level.
Proactive prevention may be a solution that can turn this problem around. Stakeholder agencies (mortgage lenders, banks, social service agencies and other government and non-government agencies) can identify family stories that may define impending foreclosures. These agencies can acknowledge family income; may guide heads of households as they establish the ability to restructure mortgages under existing programs of subsidized funding that will assist families to remain in their homes while they are experiencing economic difficulties.
Proactive prevention aimed at assisting families may be a solution to the growing epidemic of vacant properties across the country. Currently, all across the US, there are foreclosed homes sitting vacant. Real Estate for sale signs along country roads and in inner-city neighborhoods indicate this problem is not getting better. For example, “In Cuyahoga County, Ohio there are 17,000 vacant, foreclosed properties. In Baltimore, there are 16,000. These properties sit, unmaintained, with boarded up windows, affecting not just their own value, but the values of homes nearby.” (Retrieved on November 24, 2009 from http://consumerist.com/2008/02/vacant-abandoned-housing-is-a-blight-on-cities.html).
Additionally, an internet search that looks at the historical record for vacant housing data suggests there is a...
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... home owners into tenants, for example by using the administration, rules and laws in place governing Section 8, to keep families and individuals in their homes. Then, by connecting existing programs of subsidized housing with stakeholder agencies’ clients in need of housing the methodology may solve two social problems.
President Obama used the campaign slogan of “Hope and Change” as he competed for his current position. This proposal offers a way to give hope to people in fear of losing their homes. Innovative financing, that offers time and relief, is a proactive prevention method that can create change. Subsidized housing finance can stop foreclosures, acknowledge the home owner’s income and convert (possibly temporarily) a ‘bad mortgage’ into a ‘rent to buy’ situation. Ultimately proactive prevention may be the beginning of the end of the foreclosure crisis.
In this essay, the author
- Opines that the foreclosure problem plaguing america is defined by current vacant properties, but impending property loss to foreclosure may be a neglected element in the definition of this social problem.
- Opines that proactive prevention may be a solution that can turn this problem around. stakeholder agencies can identify family stories that may define impending foreclosures.
- Opines that proactive prevention aimed at assisting families may be a solution to the growing epidemic of vacant properties across the country.
- Opines that the foreclosure problem plaguing america is defined by current vacant properties, but impending property loss to foreclosure may be a neglected element in the definition of this social problem.
- Opines that proactive prevention may be a solution that can turn this problem around. stakeholder agencies can identify family stories that may define impending foreclosures.
- Opines that proactive prevention aimed at assisting families may be a solution to the growing epidemic of vacant properties across the country.
- Explains that an internet search that looks at the historical record for vacant housing data suggests there is a continual increase in vacant homes.
- Explains that some communities have innovated responses to the vacant property crisis. the department of consumer regulatory affairs determined that there are at least 2,700 vacant and abandoned residential properties in the district.
- Argues that the definition of the foreclosure crisis may be more accurate by including the impending loss of home ownership for families facing economic difficulties. proactive prevention methods will keep people in their homes.
- Proposes providing access to section 8 programs, fha and vha, and other housing finance agencies of government, to support home financing for existing families who are facing economic hardship.
- Explains that inter-agency connections may identify people in need of home re-financing as well as social support and other financial assistance.
- Explains that a review of state and/or federal records may reveal the need for assisted living arrangements for disabled people as well as children in state custody.
- Explains that a collaborative effort between ngo, government agencies, mortgage companies/banks, and non-profit social service agencies could offer funding to verifiable applicants who are willing to secure financing for housing.
- Opines that solutions to the foreclosure crisis must include impending foreclosures, which has the potential to expand the ever-increasing problems of vacant homes, homelessness, and abandoned mortgages.
- Explains that president obama used the campaign slogan "hope and change" as he competed for his current position. innovative financing, that offers time and relief, is a proactive prevention method that can create change.
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- Solving the Foreclosure Criss: a Multi-Step Processopinion essayThe foreclosure crisis in 2008 destroyed much of America’s wealth. However, with a carefully guided plan, the United States can work its toward recovery. I believe that the responsibility for the prevention of foreclosures starts with the homebuyer and goes all the way up to the government. All parties associated in the process of buying homes share some degree of responsibility for what has happened. This problem gives us the opportunity to fix a system that is in desperate need of overhaul
In this essay, the author
- Opines that the foreclosure crisis in 2008 destroyed much of america's wealth, but with a carefully guided plan, the united states can work its toward recovery.
- Argues that sub-prime mortgage lending practices must cease. buyers must demonstrate a steady flow of income, high credit score, and the ability to pay off debt. renters can show that they have paid their rent on time.
- Opines that an increase in the value of the united states dollar is critical to the housing market.
- Opines that the foreclosure crisis in 2008 destroyed much of america's wealth, but with a carefully guided plan, the united states can work its toward recovery.
- Argues that sub-prime mortgage lending practices must cease. buyers must demonstrate a steady flow of income, high credit score, and the ability to pay off debt. renters can show that they have paid their rent on time.
- Opines that an increase in the value of the united states dollar is critical to the housing market.
- Opines that the united states government should regulate how much companies can increase a homeowner’s rate in order to prevent more people from defaulting on payments.
- Opines that the united states government should instill confidence back into the american people to solve this problem.
- Argues that lenders should loan a smaller percentage of the house's value to homebuyers. many people are able to obtain loans of approximately 95% or more of purchase price.
- Opines that a lowered interest rate is essential to solving the foreclosure crisis. credit card companies try to increase their rates to over 20%, but nobody condemns them.
- Concludes that solving the foreclosure crisis is a multi-step process that cannot be solved by fixing one or two problems.
1026 wordsRead More - It Takes an Entire Nation to Solve an Economic Crisis The foreclosure crisis is genuine and terrifying for what it could mean for America’s economic future. Home foreclosure may result from unemployment, excessive and unexpected medical costs and family problems. These issues are more chronic than they are acute and so it is impossible to say that there is a quick fix or a single solution to solving the foreclosure crisis. While some individuals want to wait out the crisis and let it fix itself
In this essay, the author
- Opines that the current administration must "think out of the box" and find innovative and varied measures to tackle the foreclosure crisis.
- Proposes that the government should evaluate and expand successful local programs to reduce the effects of foreclosures.
- Opines that the government must educate home owners about their options when entering a situation where foreclosure is real. the internet is ubiquitous and web-based information travels quickly.
- Opines that the current administration must "think out of the box" and find innovative and varied measures to tackle the foreclosure crisis.
- Proposes that the government should evaluate and expand successful local programs to reduce the effects of foreclosures.
- Opines that the government must educate home owners about their options when entering a situation where foreclosure is real. the internet is ubiquitous and web-based information travels quickly.
- Recommends that additional or extended unemployment benefits, tax credits, and monetary incentives be applied to individuals that contribute to society through community service practices.
- Opines that students can contribute through various service organizations, while faculty members at educational institutions have also been known to perform good deeds.
- Opines that there are non-profit organizations willing and able to help alleviate the foreclosure crisis to some degree, such as the society for the preservation of continued homeownership.
- Explains that foreclosure is affecting individuals from all walks of society. if they knew that there were resources available at no or limited cost, they would make use of them.
- Opines that the government should not be solely responsible for trying to solve the foreclosure crisis. using the internet to inform home owners of their options is an excellent way to prevent future foreclosures.
1231 wordsRead More - children will wake up homeless." Although Jefferson’s accusation seems ludicrous at first glance, today’s foreclosure crisis lends itself well to such resonant words. The current disarray of the United States’ economy and housing market is terrifying. With banks going bankrupt and fewer Americans being able to pay their mortgages, the question must be posed: how will we ever survive this foreclosure crisis in America? An economic plan that will first stabilize, then elevate, the housing economy is necessary
In this essay, the author
- Opines that the current disarray of the united states' economy and housing market is terrifying.
- Opines that the united states must stabilize the housing market by addressing the problem of citizens in danger of losing their homes.
- States that all persons born or naturalized in the united states are citizens of the state wherein they reside. no state shall make or enforce any law which shall abridge the privileges or immunities of citizens.
- Opines that the current disarray of the united states' economy and housing market is terrifying.
- Opines that the united states must stabilize the housing market by addressing the problem of citizens in danger of losing their homes.
- States that all persons born or naturalized in the united states are citizens of the state wherein they reside. no state shall make or enforce any law which shall abridge the privileges or immunities of citizens.
- Explains that the third clause of the first section deals with the deprivation of life, liberty, or property without due process.
- Opines that avoidance of foreclosures is the first step in stabilizing the economy, followed by an attempt to elevate the housing market.
- Opines that the first step on the road to recovery is to start fresh within the banking industry.
- Argues that appraisals should be made by three separate and non-affiliated appraisers, so homeowners know their houses' true values. appraisers who work with banks in mortgage schemes will be fined.
- Opines that appraisers and bankers are at fault in this economic crisis. homeowners who deceive banks by lying on mortgage applications and taxes are dragging down the housing market into a seemingly endless period of depression.
- Opines that mortgage refinance officers should be available free of cost to all mortgage holders. for those who have made their payments on time in the past, fixed-rate mortgages will be offered.
- Explains that citizens who pay their mortgages on time will receive a tax break each year they continue to pay regularly. citizens who do not will be allowed to squat on their property for one year.
- Recommends a tax rebate for new homeowners who don't go back and forth with the seller of the house they would like to buy. a stimulus package should be issued for long-time homeowners.
- Explains that the average cost of foreclosure is $77,935; preventing the same foreclosure costs just $3,300. foreclosure costs the government, the lender, and the homeowner.
- Opines that if the foreclosure crisis continues, america could end up like former president jefferson promised, with america's children homeless.
1099 wordsRead More - Proposals To Solve The Foreclosure Crisisopinion essayHello as president I have noticed a number of problems facing our nation. I wanted to address some of these issues to show Americans that “It’s not business as usual: use the Law as Your Resource for Change”. I also wanted to ensure the people that the government is on their side. I have chosen to put the housing crisis at the top of my list. The housing or mortgage crisis was brought on by mortgage delinquencies and foreclosure in the United States. The housing crisis started when our economy was
In this essay, the author
- Opines that the housing crisis is at the top of their list of priorities as president.
- Opines that realtors, lenders, borrowers, banks, and the federal government are to blame for the economy's downfall.
- Proposes creating a stimulus package that will help the federal housing administration (fha) seize properties being foreclosed and set up better system for the homeowner to pay the home off.
- Opines that the housing crisis is at the top of their list of priorities as president.
- Opines that realtors, lenders, borrowers, banks, and the federal government are to blame for the economy's downfall.
- Proposes creating a stimulus package that will help the federal housing administration (fha) seize properties being foreclosed and set up better system for the homeowner to pay the home off.
- Proposes that we change and regulate foreclosure and mortgage laws in states to help all those that are in need of help.
- Proposes that the federal government regulates interest rates and reach out to potential buyers and people who are at risk of foreclosure.
- Opines that the united states is a great country and it means nothing if we cannot learn from our mistakes.
- Compares today's housing crisis with the 1930s - us news & world report.
- Explains that government takes steps to help foreclosure victims.
- Explains shelter offshore savings, investment & banking's "new property and mortgage laws in dubai."
1201 wordsRead More - Making Home a Home: Solving the Foreclosure Crisisopinion essayMaking Home a Home: Solving the Foreclosure Crisis Foreclosures have always been a fixture of America’s economic landscape. Unfortunately, the prevalence of foreclosures today has warranted the use of the word “crisis.” This crisis is not without its nuances, however; it is far from monolithic. While all foreclosures have the same result and usually involve sad families evicted from their homes, this crisis has had three distinct waves, each with its own (and sometimes overlapping) causes.
In this essay, the author
- Explains that the prevalence of foreclosures today has warranted the use of the word "crisis." this crisis has had three distinct waves, each with its own (and sometimes overlapping) causes.
- Opines that the third wave has the most potential to grow — the population of speculators and people who took out risky mortgages pales in comparison to homeowners who depend on their work to keep up with payments.
- Opines that improving the national economy would definitely stymie foreclosure rates, but that has a global and temporal aspect beyond the scope of their solutions.
- Explains that the prevalence of foreclosures today has warranted the use of the word "crisis." this crisis has had three distinct waves, each with its own (and sometimes overlapping) causes.
- Opines that the third wave has the most potential to grow — the population of speculators and people who took out risky mortgages pales in comparison to homeowners who depend on their work to keep up with payments.
- Opines that improving the national economy would definitely stymie foreclosure rates, but that has a global and temporal aspect beyond the scope of their solutions.
- Opines that their proposal is to suspend evicting the majority of homeowners, which would keep families in their homes and stop the growth of the foreclosure crisis.
- Explains that foreclosed houses are bad news, as they reduce property values of their neighborhood. the down economy hits the nation unevenly, and the housing boom employs risky mortgages to entice people to newly-built neighborhoods.
- Argues that their plan would not just help banks by allowing them to avoid a bad deal, but there would still be the matter of unpaid mortgages.
- Opines that homeowners will accept owing more to the bank in return for stability in where they are living and a clean credit score.
- Opines that checks and balances keep the exchange between banks and homeowners fair. their plan outlines a symbiotic, mutually beneficial relationship between bank and homeowner.
- Opines that their plan is fair and would present both sides with a solution they like. by taking an easy-to-understand idea and elaborating specifically on the negative effects of foreclosures, they can persuade banks.
1347 wordsRead More - Proposed Solutions to the Foreclosure Crisis in Americaanalytical essayForeclosure, the process of claiming the defaulted property to cover the cost of an unpaid debt, has hit America like a tidal wave. Considered to be a crisis and a major factor in the poor economic situation of today, there is no doubt that the current state of the housing market and the influx in foreclosures across the nation has had a dire impact on the American economy since the beginning of 2007. Strategies, policies, action plans, and all other means of organizing a recovery have been attempted
In this essay, the author
- Argues that the current state of the housing market and the influx in foreclosures have had a dire impact on the american economy since the beginning of 2007. the best approach is for the government to back out, stop the destructive and often contradictory policies that have been put into place, and allow free enterprise and private sector to revive the economy.
- Explains that the first major problem that led to the foreclosure crisis is the availability of loans for housing. freddie mac and fannie mae are similar, chartered by congress, but run against the traditional economic grain.
- Argues that the federal reserve is a bank and government institution at the same time. the government controls the sails and freddie mac and fannie mae is the rudder.
- Argues that the current state of the housing market and the influx in foreclosures have had a dire impact on the american economy since the beginning of 2007. the best approach is for the government to back out, stop the destructive and often contradictory policies that have been put into place, and allow free enterprise and private sector to revive the economy.
- Explains that the first major problem that led to the foreclosure crisis is the availability of loans for housing. freddie mac and fannie mae are similar, chartered by congress, but run against the traditional economic grain.
- Argues that the federal reserve is a bank and government institution at the same time. the government controls the sails and freddie mac and fannie mae is the rudder.
- Argues that encouraging leasing as a new trend will help fix the economic problems related to foreclosure.
- Argues that government meddling has persisted since the great depression, and only by fully removing it can we hope to resolve not only the current crisis, but future problems as well.
- Opines that in order to solve the crisis, the attitude of the government towards banks must change.
- Opines that the recovery phase is the simplest part of the whole process, but it must be given time to work.
1749 wordsRead More - Foreclosure in Americaopinion essayForeclosure in America has been a rising and prominent problem recently, and has destroyed many Americans hopes and dreams. Over 2.3 million homes were foreclosed in 2008, and an estimated four million homes will be foreclosed by the end of this year. Despite the efforts of many banks and lending companies, over half of homes will foreclose that have received their help. I believe that we have only started in the right direction in solving the foreclosure crisis. Giving money and lowering mortgage
In this essay, the author
- Opines that we have only started in the right direction in solving the foreclosure crisis by lowering mortgage rates and finding out why americans are in this situation.
- Opines that foreclosure happens because of a loss of someone helping to pay the mortgage, either by divorce or death.
- Argues that the sick should receive temporary medical coverage from the government for that specific illness for a small fee.
- Opines that we have only started in the right direction in solving the foreclosure crisis by lowering mortgage rates and finding out why americans are in this situation.
- Opines that foreclosure happens because of a loss of someone helping to pay the mortgage, either by divorce or death.
- Argues that the sick should receive temporary medical coverage from the government for that specific illness for a small fee.
- Opines that cyclical unemployment is caused by a business cycle recession and worker's wages not falling to meet the equilibrium level.
- Opines that temporary care should be averted until progress is seen from the homeowner. the american spirit has never promoted laziness.
- Opines that the foreclosure crisis will only continue and worsen until we understand the needs of the american public.
988 wordsRead More - that American’s are under-educated, and these are issues that we all need to face at some point in our lives. Rather than explaining each of these issues in detail, it is important to recognize that the US economy has a serious problem at hand, and the backbone of this problem is the Real Estate market. Correct the Real Estate industry, and the economy will prosper. If we look back at the United States history, we can conclude that there have been several economic revolutions, starting with the agricultural
In this essay, the author
- Argues that the us economy has a serious problem at hand, and the backbone of this problem is the real estate industry.
- Argues that the subprime mortgage crisis can be blamed for much of this country's economic problems, but we need to address the problems and find solutions.
- Argues that the banks were misled by the government to approve clients for home loans they could not afford, and then took advantage of the late payments and increased interest rates.
- Argues that the us economy has a serious problem at hand, and the backbone of this problem is the real estate industry.
- Argues that the subprime mortgage crisis can be blamed for much of this country's economic problems, but we need to address the problems and find solutions.
- Argues that the banks were misled by the government to approve clients for home loans they could not afford, and then took advantage of the late payments and increased interest rates.
- Explains that banks are borrowing money from the fed at 0% interest, and lending at rates above 7%. the only way to modify a loan is if the borrower is late on their payments.
- Proposes re-amortizing the existing mortgage and modifying the loan to jumpstart the economy and stop the increase in foreclosures.
- Explains how the banks determine the value of a home by comparing similar home values in 1 mile radius. if foreclosed homes are excluded from the appraisal valuation, the market will stabilize.
- Analyzes how the government guarantees the value of jon doe's home if the borrower continues to make monthly payments.
- Argues that saving money on monthly bills will boost the economy, which has survived on real estate for so long.
1591 wordsRead More - Foreclosure Elimination Programexplanatory essaysituation has been a problem developing for several years before the severity surfaced and has tampered not only the growth of America’s economy but also the growth the rest of the world. Many people can easily place the blame on others and naïvely disconnect themselves from the reality of the foreclosure crisis, but this is irrelevant since we can only alter our future and simply examine our past. Through methods of drastic enforcement and laborious procedures the foreclosure crisis can become part
In this essay, the author
- Opines that america's current situation has been a problem developing for several years before the severity surfaced and has tampered not only the growth of america’s economy, but the rest of the world.
- Explains that their method for alleviating the foreclosure crisis is unique and intricate, but deemed suitable for the reality of our crisis. the foreclosure elimination program (f.e.p.
- Explains the foreclosure assessment equation (f.a.e.): debtor's risk+ creditor’s risik+ loan assessment. the score accumulated is the percentage the government will pay for the delinquent loan.
- Opines that america's current situation has been a problem developing for several years before the severity surfaced and has tampered not only the growth of america’s economy, but the rest of the world.
- Explains that their method for alleviating the foreclosure crisis is unique and intricate, but deemed suitable for the reality of our crisis. the foreclosure elimination program (f.e.p.
- Explains the foreclosure assessment equation (f.a.e.): debtor's risk+ creditor’s risik+ loan assessment. the score accumulated is the percentage the government will pay for the delinquent loan.
- Explains how the debtor's risk factored into the equation is worth 50% with a minimum of 30%.
- Describes the 3 credit bureaus with a credit score of 15%, with all 3 averaged. school loans or health related debt: + 1 or 2 points.
- Explains that the debtor's job security assessment must get three assessments in order to avoid bias factors. this portion will be on a scale of 15 points.
- Explains that spousal income/job security: 10%, an assessment of the spouse’s financial input and job security. if there is no spouse, this portion's worth is added towards the job
- Explains the employers' layoff potential, a confidential assessment with the employer on their possible chances of layoffs or downsizes. the creditors' risk portion accounts for 35% of the foreclosure equation.
- Explains that default rate: 20% evaluates the previous 24 months default rate that the creditor has faced with their home loans. this portion is graded on a letter scale.
- Explains that the percentage of revenue generated from home loans is on a percentage scale.
- Explains that the loan assessment portion is worth 15% of the foreclosure equation, with a limit of 7.5%. it will be divided into two segments.
- Explains that the loan assessment factors will consider the history of the existing loan and potentially the risk of similar loans. the debtor's particular loan will be evaluated to find the precise risk for this loan.
- Explains that if any of the three sections’ value is below the limits provided they will automatically be defaulted to the minimum limits.
- Explains that the government will freeze the loan account, payment, etc. for three to six months to allow the homeowner time to catch up with their financial obligations.
- Explains that the reconstruction of the loan payments is the first step to reducing the debtor's chance for foreclosure.
- Explains that the new principal and interest payment = current life to maturity in years. the example stated above would be calculated as 20 years*$1,041=$20,820.
- Explains that the third step of reconstruction is in regards to taxes. the following is a breakdown of the tax rates implemented in this city.
- Opines that the final step of reconstruction is dealing with the cost of insuring a home.
- Compares the original cost for the homeowner to the new cost. the goal of fixing the foreclosure crisis has been established throughout this essay.
- Explains that in order for this program not to be abused and to actually be used for the purpose of saving the american homeowners, several limitations must be implemented.
- Explains that the household can only own one home, which they currently reside in making it their permanent residence. the home cannot be sold for five years, or the foreclosuree will be required to repay the entire sum that was originally allotted.
- Explains that the construction of the f.e.p. was to eliminate the foreclosure crisis and compensate the american people for their tax money that was utilized to redirect our economy towards a more progressive and beneficial path.
2511 wordsRead More - Solid Infrastructure Planopinion essaysolution to the current foreclosure crisis in America. Instead there are multiple solutions. Some go straight for the heart of the problem while others take a longer route. Some are effective solutions while others are just quick fixes. I think that there is a solution that will have long term effects and fix the current foreclosure crisis. I call this solution the “Solid Infrastructure Plan.” This plan not only fixes the foreclosure crisis, but fixes the unemployment problem and repairs the deteriorating
In this essay, the author
- Opines that there is no one solution to the current foreclosure crisis in america, instead there are multiple solutions.
- Explains that the entire foreclosure crisis is a result of the current unemployment crisis. if the mortgage doesn't get paid, the lender can foreclose on the property.
- Opines that the first and largest part of their "solid infrastructure plan" is to create jobs and fix the failing american infrastructure. the 2009 infrastructure report card gave an overall grade of "d" nationwide.
- Opines that there is no one solution to the current foreclosure crisis in america, instead there are multiple solutions.
- Explains that the entire foreclosure crisis is a result of the current unemployment crisis. if the mortgage doesn't get paid, the lender can foreclose on the property.
- Opines that the first and largest part of their "solid infrastructure plan" is to create jobs and fix the failing american infrastructure. the 2009 infrastructure report card gave an overall grade of "d" nationwide.
- Explains that the federal highway admission divides the national highway system into five subsections: interstate, strategic highway network (strahnet), intermodal connectors, major strategic highway network connectors and other principal arterials.
- Explains that the inland waterways in america are growing older and showing signs of deterioration. the average tow barge can carry approximately the same amount of cargo as eight hundred seventy tractor trailers.
- Analyzes how "rail" earned a "c-" grade for america's railway system, which provides strategic defense of the nation.
- Explains that the "solid infrastructure plan" includes a couple of different methods for fixing road usage by transportation trucks.
- Explains the "transportation method," which would fix america's transportation problems by incorporating new designs and materials into old and new systems.
- Explains that the second and final part of the "solid infrastructure plan" is to stop wasting money and stop giving it away.
- Opines that the government needs to restructure its "free" money policies to target legitimate needs. the money saved could be channeled into funding improvements to the current system of roads, railways, and inland waterways.
- Concludes that the two parts of their "solid infrastructure plan" are oriented towards the foreclosure crisis, the unemployment problem and fix the american infrastructure.
1862 wordsRead More - The American Foreclosure Crisisopinion essayForeclosure is a dreadful aspect of home-owning. The American foreclosure crisis, and its subsequent economic recession, was caused by lateral misguidance on part of private banks, the federal government, and by the millions of people who purchased their homes on credit. Over 900,000 foreclosures have occurred in California alone, making its foreclosure rate the largest and most formidable; as a result of the housing downturn, private banks like JP Morgan and Wells Fargo succumbed to bankruptcy,
In this essay, the author
- Explains that the american foreclosure crisis and its subsequent economic recession was caused by lateral misguidance on part of private banks, the federal government, and millions of people who purchased their homes on credit.
- Opines that the process that led to the foreclosure crisis, the sickly details of the economic crash, and the terms of our recovery have been mulled over repeatedly.
- Proposes a solution for the consumer finance protection agency (cfpa), which would be separate from the u.s. chamber of commerce.
- Explains that the american foreclosure crisis and its subsequent economic recession was caused by lateral misguidance on part of private banks, the federal government, and millions of people who purchased their homes on credit.
- Opines that the process that led to the foreclosure crisis, the sickly details of the economic crash, and the terms of our recovery have been mulled over repeatedly.
- Proposes a solution for the consumer finance protection agency (cfpa), which would be separate from the u.s. chamber of commerce.
- Explains that the federal government will require every bank to include a consumer intelligence certification (c.i.
- Argues that a one-time course created by the cfpa outlines the language of mortgage lending, different loan types, the nature of interest rates and the economic market, as well as the full, arduous process of foreclosure.
- Explains that a c.i. cert is required to take out mortgage loans, which is equivalent to applying for vehicle registration with the dmv.
- Opines that requiring a mortgage-lending course and consumer intelligence certification for all consumers would have two positive effects upon the foreclosure crisis.
- Opines that a c.i. cert will make the mortgage lending process more complex, longer, and take more patience from the consumer and the banks.
- Explains that mandatory classes have been a tactic to ensure the safety of our society. a certification like this ties perfectly with the philosophy of the cfpa, and barack obama himself.
- Explains that the bush administration committed $59,900,000,000 to the bailout of fannie mae and freddie mac in order to "provide needed housing reform"
- Explains that fannie and freddie were fully absolved into the federal government, and their debt has yet to be repaid. the second part of their plan outlines a novel form of repayment to our government.
- Explains that citigroup received 45.7% of the bank industry bailout money, and still owes $25,000,000,000. private banks like this one, along with specialized mortgage lending companies, possessed the largest amount of toxic assets and are the greatest source of increasing foreclosure rates.
- Explains that the government's foreclosure ceiling is a government-mandated limit on foreclosure rates. if citigroup keeps its foreclosure rate below this ceiling, it will be counted toward its repayment and remove 5% of its debt per year.
- Explains that citigroup's debt can be repaid in approximately 20 years, in addition to the interest on its remaining balance per year.
- Explains that citigroup will not be paying the federal government exclusively through dividends, but through the value to the market. if a plan like this was instated, it would effectively end the foreclosure crisis.
- Explains that citigroup is noted for its cooperation with consumers regarding foreclosure, making it an exception in its field. a ceiling program would increase the compatibility of banks with their customers.
- Opines that the second plan is both probable and calculable. it renders responsibility to the consumer, banks, and the federal government, while paving a constructive path towards ending foreclosure.
- Opines that president obama and the united states senate could evolve this two-part plan into legislation to solve the foreclosure crisis. every american citizen deserves a future that encourages smart consumerism, vertical benefits within our economic structure, and lucid loaning processes.
2312 wordsRead More - Solutions to the Foreclosure Crisisopinion essayThe foreclosure crisis is tearing away at this economy causing people to loose their house and be in national debt for long amounts of their life times. More people are filing bankrupt because they can’t afford to pay the adjustable interest rates that they set when signing loans for their houses. Now the economy is at a vast down turn, slowly turning up to becoming better internally, but still people are homeless due to their homes being foreclosed. These people can’t afford to pay these adjustable
In this essay, the author
- Opines that the foreclosure crisis is tearing away at this economy causing people to lose their homes and be in national debt for long amounts of their life.
- Proposes a plan for america's foreclosure crisis, which is to stop the shady loan officers' un-honest epidemic and teach them about what they are signing up for.
- Argues that it is better to warn people of what they are getting into than to lead the sheep blindfolded into a fire and expect them to find their way out alone.
- Opines that the foreclosure crisis is tearing away at this economy causing people to lose their homes and be in national debt for long amounts of their life.
- Proposes a plan for america's foreclosure crisis, which is to stop the shady loan officers' un-honest epidemic and teach them about what they are signing up for.
- Argues that it is better to warn people of what they are getting into than to lead the sheep blindfolded into a fire and expect them to find their way out alone.
- Opines that the banks loan officers can still make money if they set all the interest rates they give to loan seekers at a fixed percentage.
- Opines that fixed interest rates for all loan seekers are vital to solving the foreclosure crisis. the crisis honest will never be solved until they solve the unemployment crisis first.
913 wordsRead More - The American Dream to the American Nightmareexplanatory essayvalues continue to drop and foreclosures lead to the depreciation of more and more neighborhoods, the true bottom of the housing market is still a guessing game. The subprime mortgage collapse has taken its toll on home owners, investment groups, financial institutions, and the economy as a whole. The once thriving market that saw the construction of 2,068,000 new homes in 2005 alone has since imploded (Utt 2008). Until the foreclosures and short sales that saturate America’s neighborhoods are gone
In this essay, the author
- Explains that the subprime mortgage collapse has taken its toll on home owners, investment groups, financial institutions, and the economy as a whole.
- Explains that subprime lending was a result of lenders approving people with poor credit and high risk defaulters. these flags along with creditors failing to verify employment, income, and predatory loans contributed to the extremely high foreclosure rate.
- Explains the various types of predatory loans offered during the housing bubble, including the adjustable interest mortgage and the interest only (i-o).
- Explains that the subprime mortgage collapse has taken its toll on home owners, investment groups, financial institutions, and the economy as a whole.
- Explains that subprime lending was a result of lenders approving people with poor credit and high risk defaulters. these flags along with creditors failing to verify employment, income, and predatory loans contributed to the extremely high foreclosure rate.
- Explains the various types of predatory loans offered during the housing bubble, including the adjustable interest mortgage and the interest only (i-o).
- Explains that as the mortgages increased lending institutions saw an opportunity to package these up and sell them to investors as mortgage backed securities (mbs).
- Opines that society was more focused on materialistic assets than savings or nest eggs. borrowers as a whole were taking on more debt than they were capable of handling.
- Opines that the federal government has to play an active role in finding ways to stabilize the us housing market.
- Cites bagtas, m. a., lacker, j. m, and utt, r.
1457 wordsRead More - Affordable Housing Crisisanalytical essay"unaffordable" by most recognizable financial institutions. The declining middle class and increasing wealth gap continue to raise questions about income inequality and racial disparity. Bright minds wonder when the government will step in to curtail the problem currently spiraling out of control.
In this essay, the author
- Explains that affordable housing in the united states describes sheltering units with well-adjusted housing costs for those living on an average, median income.
- Explains that over 30 million americans need housing assistance due to cost burdens exceeding 50 percent of their total gross income, overcrowding, and lack of basic utilities. the great recession widened the gap and income disparity between the average, hard-working americans and the top 1% of wealthy americans.
- Describes recent trends in household wealth in the united states: rising debt and the middle-class squeeze: an update to 2007 statistics.
- Explains that affordable housing in the united states describes sheltering units with well-adjusted housing costs for those living on an average, median income.
- Explains that over 30 million americans need housing assistance due to cost burdens exceeding 50 percent of their total gross income, overcrowding, and lack of basic utilities. the great recession widened the gap and income disparity between the average, hard-working americans and the top 1% of wealthy americans.
- Describes recent trends in household wealth in the united states: rising debt and the middle-class squeeze: an update to 2007 statistics.
- Analyzes the wealth and income inequality in the united states between the rich and the rest.
- Explains that the federal government subsidizes rental units to create housing affordability. housing subsidy programs rose to $120 billion per year nearing 80% of all federal housing assistance funding.
- Explains that the united states affordable housing market has taken a beating in the past 16 years, especially since the beginning of the subprime mortgage crisis that sparked the great recession of 2008.
- Explains that the economic crisis has only compounded the shortage problem with the increase in unemployment and skyrocketing foreclosure rate.
1080 wordsRead More - Roosevelt's "New Deal"analytical essayFranklin Delano Roosevelt ran for office with the “New Deal” as his main focus. Soon after becoming elected and entering office on March 4th, 1933, he started implementing many new programs he felt would return the economy’s level to pre-1929. Many problems created by the stock market crash of 1929 were alleviated by the end of FDR’s third term, but the New Deal might not have been a total success. Many of the programs that were generated during the early days of the depression failed to perform as
In this essay, the author
- Analyzes how franklin delano roosevelt ran for office with the "new deal" as his main focus. many problems created by 1929 were alleviated by the end of fdr's third term, but the new deal didn't perform admirably against the depression.
- Explains that the emergency banking act and the economy bill were passed to stimulate the economy during fdr's first 100 days in office.
- Describes how a civilian conservation corps was created to preserve the environment and reduce the amount of unemployed in the cities. fdr stated that within two weeks of the bill being enacted, men could be put to work.
- Analyzes how franklin delano roosevelt ran for office with the "new deal" as his main focus. many problems created by 1929 were alleviated by the end of fdr's third term, but the new deal didn't perform admirably against the depression.
- Explains that the emergency banking act and the economy bill were passed to stimulate the economy during fdr's first 100 days in office.
- Describes how a civilian conservation corps was created to preserve the environment and reduce the amount of unemployed in the cities. fdr stated that within two weeks of the bill being enacted, men could be put to work.
- Explains that the tennessee valley authority was a massive program that stretched over 41,000 acres, overlapping seven states. its objectives included cheap public power, production of nitrate fertilizers, and conservation of soil and forests to prevent silting.
- Explains that the farmers holiday association felt that something had to be done to remedy the increase in farm foreclosures and diminishing crop prices.
- Explains the secondary focus of the aaa was to stop foreclosures inevitable within the next few years. the government's land banks would issue loans and refinance all other mortgages while keeping the interest rate at 4.5%.
- Explains that harry hopkins, a huge supporter of welfare, was placed in charge of the federal emergency relief administration on may 19th. the pwa sought to create multiple jobs by using government money to fund state building projects.
- Explains that the new deal was more focused on pro labor than the previous administration's ideas of l'aissez faire. the national industrial recovery act attempted to raise the standard of work for the workers while breaking up companies involved in monopolies.
- Explains that the tennessee valley authority and public works administration were successful programs created as part of the new deal. the civilian conservation corps had positive effects on the environment during the 1930s.
- Analyzes how the agricultural adjustment act and the national industrial recovery act had little to no effect on the economy or the industry they were associated with.
- Opines that franklin delano roosevelt's new deal was a success, as unemployment decreased from 17% of the population to below 10% during the 1930s.
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