The current foreclosure crisis that our nation is experiencing has become a great hardship on many people in America. People that have lost their jobs due to cut backs, people with families for whom they need to provide shelter, people who are otherwise very responsible but have been put in a position from which they cannot escape, these are the people that are suffering. Normally if one could not afford to make payments on their mortgage, there would be ways for them to refinance their mortgage
onslaught of home foreclosures, the problem that this essay will address. There is no question that these foreclosures are detrimental to the health of the overall economy, but solving the problem solicits a variety of opinions. In the October 2009 COP report, An Assessment of Foreclosure Mitigation Efforts After Six Months [1], it is shown that the cause of home foreclosures has changed somewhat since their initial report in March. At the beginning of the foreclosure crisis, many of the problems
The foreclosure crisis is a very sensitive issue that needs to be acknowledged urgently. This particular issue has put a lot of people in danger by losing their homes. When being in a predicament like losing one’s home it is all about responsibilities. Once a person has been notified that their home is in the process of foreclosure and they only have but so little time to pay their mortgage, this is when compromising comes into action. It is imperative that needs come before wants when in a position
In order to solve the foreclosure crisis, we must first understand what created it. The “housing boom” of the first years of this millennium was created by broad based rising home equity. More and more individuals and businesses invested in the housing market, which, in turn, fueled the boom. Builders, real estate brokers, investors, marketing companies, architects, and mortgage companies were all making money hand over fist. This unreasonable flow of money made us greedy and we became addicted
many Americans, the foreclosure crisis was a news story on TV. For others, the crisis was a national problem to be pondered “in theory.” In my case, however, the foreclosure crisis was personal and real. In 2003, in the midst of closing my failing African American bookstore in Denver, I defaulted on my home mortgage – finding myself the target of a foreclosure process, but also of predatory lenders and investors prowling my inner-city, gentrifying neighborhood. I avoided foreclosure by agreeing to a
It is a well know fact that the world is in a financial crisis which has resulted in the foreclosure crisis. This is a problem that can not be resolved by the government alone. If the government continues to hand out bail out money to businesses trying to help them avoid bankruptcy or from going out of business the national debt will continue to increase. The national debt will have to someday be paid off and if the government continues to borrow money the result will be higher income taxes paid
How to solve the foreclosure crisis? Not an easy question to answer, nor is there a simple solution. I am among many skeptics of the notion that we can truly “solve” this crisis without addressing several systemic issues of the housing market. There is not a single solution to the crisis, but a myriad of different approaches that can collectively remediate the housing market. First, a few short-term fixes need to be implemented urgently in order to prevent the crisis from getting worse. Of
Solving the Foreclosure Crisis The “Great Recession” of 2008-2009 has exacerbated a problem with foreclosures that originally stemmed from the loose lending standards of the previous decade. The combination of foreclosures and the recession has devastated state and local revenue coffers: foreclosures in particular drag down neighborhood property values, which lead to lower property tax revenue. Since this revenue funds local essentials – predominantly local public school systems – the foreclosure
The foreclosure crisis is a complex problem, with no simple solution. Several factors need to be addressed in order to turn the foreclosure crisis around. The solution to solving and preventing further crises is a multistep approach that will take time. By setting up some safe guards we can help stabilize the economy and prevent future economic and housing market downfall re-occurrences. First, there needs to be more emphasis on creating jobs and bringing jobs back to the US from abroad. There
The foreclosure crisis is completely out of control. Everywhere you go, there are foreclosed houses to your left and right. The only plans that there are for putting an end to this crisis have a very small picture of the crisis in mind. These plans only deal with helping people that are in an immediate danger of having their house foreclosed on. The help that they offer only puts people out of harms way until they have to make payments later. Many people simply can’t pay the bills that they have