This essay will clearly state a solution to the foreclosure struggle from which this nation is currently suffering. This plan to impede the extremely rapid rise of foreclosure rates in this beautiful country requires not only the work of businesses, but the work of the people as well. Since this problem is affecting the country as a whole, we must join together and act as one country if we are to have any hope of winning this battle against rising foreclosure rates. The first step of this plan to decrease rising foreclosure rates involves the people. The people must be aware of and take into account their financial limitations. The second step in decreasing foreclosure rates involves the businesses that lend out loans. They must not give excessive quantities of money to citizens who do not make at least an average salary. The third step in this plan requires the role of both the people and the businesses. Organizations that lend money have to set an interest rate that is fair and just. We as a people must also be aware when unfair interest rates are being set. Just being aware of it is not enough however. We must decline such outrageous interest rates and find ourselves a decent company that will allow us a fair interest rate. The state in which we as a people are aware of our financial limitations must be realized if we are going to decrease the foreclosure rate in this country. Knowing what you are and are not able to do financially will allow you to make wise decisions dealing with your money. Such an action will probably cause you the relief of great distress in the future since it will more than likely save you from losing your car or home. Once you have come to be aware of your financial barriers, you can them move on to t... ... middle of paper ... ...oreclosure problem that is happening right here in the United States of America. It calls for fairness and cooperation between both the people of the United States of America and the loan businesses of the United States of America. We must first take notice of our financial limitations and act according to those limitations. Not everyone can live in a mansion. Secondly, the loan businesses of this country must set interest rates that are fair and just according to the person‘s financial limitations. Lastly, the people of this country must be able to recognize unfair interest rates and then try to work with the loan lenders to achieve a fair interest rate. This plan can only work if the people of this great country and the loan lending business of this great country come and work together in order to stop the rapid rise of foreclosures in the United States of America.
from happening again"? cannot be answered in one definitive statement. Of course the solution to preventing home foreclosures is "prevention," which in itself comes with a lot of variables. Background Information As of December 29, 2009, the website Foreclosure.com reported that over 2.2 million homes in the continental USA are in some form of foreclosure, 486,323 are in pre-foreclosure and 465,490 have already been foreclosed. Over seven hundred thousand have tax liens against them and 87, 389 have
The frequency of foreclosure in our nation today is dangerously high. The strain from the recent economic downturn has put many families and individuals in a financial chokehold preventing them from being able to make their monthly mortgage payments. Consequently, many of these people feel they’ve punched a one-way ticket to foreclosure. With all these homes being foreclosed on, we face a very real crisis. The best way to solve this foreclosure crisis is preventing homes from foreclosing one house
or in foreclosure. Add that to the previous four quarters and that is eight point seven (8.7) million homes in crisis. (Further on known as HIC's) The United States “Bail Out” helped major mortgage corporations, and their chief executive officers (CEO's), but not the families that are in, or were in these HIC's across America. If the Federal Housing Authority (FHA) and the United States Treasury Department would implement some radical new programs to help the people affected by this crisis, not
How would you react if someone had told you on the streets of Battery Park City, Lower Manhattan, “Make a wish, and your wish will turn into reality?” If luck by chance you had wished for owning a property at Gateway Plaza, a high-rise apartment complex on Battery Park City; your wish is just 1 millimeters apart. Inside the article, by Daniel Trotta, “Buyers rejoice: Manhattan home prices finally fall,” Trotta stated Manhattan brokers kept on stating prices are going up, while the prices were actually
I was a home owner who lost a home to foreclosure in 2011. I purchased a home for my brother who is learning disabled. Initially when I bought the home for him he had a roommate and knew he needed to keep the roommate to make the payments. After about a year, his roommate moved out and I had to pick up the remaining $600.00 which was very hard to do. I was able to make the payments for about 3 years but then I could no longer afford it. I was in the middle of a modification with Wells Fargo
happened with our nation’s recent wave of foreclosures. Loans have led everyone to believe that they can own a home and it has omitted the practice of saving. That is where the beginning of the solution lies. Our nation’s people need to relearn the value of patience, therefore we need to learn how to start saving again because although loans may pave a way toward homeownership, it is not valued as much compared to someone who has saved for a home. Foreclosure is defined as “The legal process by which
Foreclosure 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
It’s hard when a home becomes a house: left with walls, stripped of memories. It’s disheartening when a family becomes a number: left with foreclosure, stripped of dignity. In 2007, over-extended borrowers began to default on their sub-prime mortgages; mortgages that increased as more and more families chased the American dream during the housing boom. The interest rates were “teasingly” low, but more detrimentally, they were variable. When mortgage rates were readjusted, homeowners found that they
"How to solve the foreclosure crisis." BATTEN 1 Unemployment, it is all too common of a label in this day and age for the American society. In Joshua Cooper Ramo’s article, “Unemployment Nation,” he clearly states: “the government can’t hire everyone” and that there is a decrease in jobs nationally. Ramo’s article was published in the Spetember 21, 2009 TIME magazine and includes many personal tragedies that happened to real Americans who have lost their jobs and are unsuccessful in finding
Posing the problem of solving the foreclosure crisis first begs the question – “is there really a foreclosure crisis?” The country is certainly in crisis, but the crisis is not being caused by mortgage foreclosure. Foreclosure is simply a mechanism for people to deal with a debt they can no longer afford. Rather than being a crisis, the potential onslaught of home foreclosures (which has been slowed somewhat by the Obama administration’s “Making Home Affordable” program) is actually market forces
happens when a recession falls upon the country? Will the people of America survive? In Richard Florida’s article “How the Crash Will Reshape America”, he explains the different approaches America can be transformed to help them out of the economic crisis. Although Florida presented different solutions to help get through the times of the recession, the housing market whether we are considering new construction or renovations on existing homes, will lead a path to aid us in lifting the release of the
problems caused by the Great Depression that the Canadian governments sought to solve were most significantly the stagnating growth of the economy; the foreclosure of farms; and the need for relief due to high unemployment. The responses to these problems varied between McKenzie King and Bennett, with McKenzie King originally ignoring the existence of a crisis. Their successes were also varied, although minimal, with World War Two being the main cause of Canada being lifted out of Depression. Government
especially realistic and relatable way. Studies have shown that adolescents who have adequate social and family support experience less stress during times of identity crises (Nair). One of the characters in the film, Dwayne, struggles through an identity crisis and he does not overcome it until he receives support from his family. In addition, the dysfunction and conflict within families have shown to play a role in the symptoms of depression, particularly suicidal ideation, that an adolescent experiences
Subprime Mortgage Crisis Concept Background Subprime mortgage crisis is my preferred topic of discussion. The reason behind taking this topic is that housing is a basic need thus everybody needs it irrespective of the financial situation he is in. In this regard, the idea of subprime seems to be the only way to meet this need in a more professional decent manner. The case of subprime mortgage crisis presents a nice area of study on how a country can solve a financial crisis that was not anticipated
rights to use the funds of his company, he started betting against the housing market by suing more than $1 billion of his investors money into credit default swaps. Burry, along with other investors cashed in on the investments when the financial crisis hit the economic sector in the United States. The movie, The Big Short, came out in 2015 and was made based on true events in the book by Michael Lewis, 2010. One good thing about the