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Foreclosure crisis in america
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Solving the foreclosure crisis will not be an easy task. I believe there is no quick fix or sure solution to fix this far-reaching crisis. There are however, steps that every individual involved in the foreclosure crisis can take towards improving the situation. People that the foreclosure crisis does not directly affect should still rethink their lifestyles as well, so that the crisis does not continue to grow.
The bail outs given to the banks were a candid approach to preventing the banks from failing, but there were still thousands of Americans failing as well. I believe the banks failing is a projection of the state of the American people. I think that if anymore stimulus or “bail out” money is given that it should be given to the people. The money wouldn’t have to be given directly to the people, but rather the banks that they owe money to. There are programs presently that help, but I firmly believe more should be done for the citizens not the banks. Allocating the money to the people will not save all of those in danger of foreclosure, but it would ensure the banks would receive more of their payments. There are people out there that are too far gone to be saved, but there are others out there that can be saved and need actions taken on their behalf.
I believe that some of the foreclosure cases are due to poor financial decisions. Buying a home is a large investment and for most a large debt as well. It is a purchase that should be made keeping several things in mind. Always keep a realistic budget on your mind so you don’t go beyond your means. Keeping up with the Jones should not be a priority, but rather keeping shelter for you and your family. Today a lot of people have wants that exceed their budgets,...
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...comfortable with who they are and their financial worth. There must be a line drawn between our financial means and our inner struggles to “fit in“with what we believe society should be like. There are several people and organizations out there that are more than willing to help people adjust to the new lifestyles that will need to be pursued in order to restore stability.
The foreclosure crisis is a wide-spread problem that cannot be solved swiftly or with one action. I believe the only way to fix the crisis is by everyone taking tentative steps towards a better financial future. Though this can be considered as a crisis, it should be looked at as an opportunity instead. It is a chance for all of us to take a step back and begin to discover again the basic necessities of life. Now more than ever is a time for simplifying your life and investing wisely.
As her report begins, Jones constructs her beginning by describing a personal experience of having to use her “House Funds” to help her mother pay for her father’s unexpected funeral expenses. The tone of this article is melancholic. Jones wants the reader to understand why minority people can’t seem to get a head in life. Subsequently, she moves on and outlines that for many minority Millennials of color helping family members is not an irregularity, this is something that happens more often than not (Jones). Jones continues her argument, stating that instead of the minorities building assets they are spending money on basic
The media portrays the upper class as something to strive for. Obtaining wealth and material possessions will bring you a happy life. The only way to get ahead is to emulate the rich and powerful and to live vicariously through them (Kendall 316). The media’s emphasis on the upper class takes away from people living life for themselves. Instead, they are persuaded to obtain a lifestyle that is realistically out of their means. Kendall states, “Largely through marketing and advertising, television promoted the myth of the classless society, offering on one hand the images of the American dream fulfilled wherein any and everyone can become rich and on the other suggesting that the lived experience of this lack of class hierarchy was expressed by our equal right to purchase anything we could afford”. Exaggerated views of the rich and successful in America are largely portrayed via television. Which gives a false idea of what happiness, wealth and material possessions can bring (Kendall 317). The poor and homeless are at the bottom of the class structure and are often overlooked, ignored and only portrayed as deserving of sympathy. They are stereotyped to be people who have problems such as drugs or alcohol (Kendall 318). Kendall goes on to explain that the middle class is considered the “working class” and are
For the decades before the current housing crisis, buying homes and loaning money was a simple, but strict, affair and had had two outcomes. Either the borrower could pay back the money owed or they could not pay the money back. If the borrower could pay the money back, they could keep their house or whatever they took out the loan for. If they could not pay the money back, the lenders repossess the things that were not paid for. When this happens with a house, it is called foreclosure.
To solve the foreclosure crisis we must take a multi-pronged approach that tackles the issues making the situation worse and that caused the problems in the first place. Our goal is to do this in an efficient and time conscious manner. Any solution is going to have its positive and negative aspects but we must try to maximize the former and minimize the latter.
...ys. Just because we have been stereotyped into being a culture of poverty does not mean we have to obey by it, we should want to do the opposite and know give them something good to talk about. Our ancestors gave up their lives to try to get the future generations to have a better lifestyle than what they had and what are the majority doing about it giving up. We are not quitters and should not allow ourselves to be stereotyped into something that we are not. However, my father was deceived by the American dream but I am still chasing after the American dream. I have faced difficulties while on this process but it’s better to keep trying rather than just giving up.
Nothing can make you feel safer than owning a house, provided that buying a home will not result in financial problems of its own. Every year, a new wave of first time home buyers hits the trail in search of their humble abode. There are pros and cons to home buying. Certainly, there is the matter of timing and related financing programs.
What is your prototypical poor person? When I think of poverty, a dirty individual on the side of a freeway or someone cramped on the side of a bridge comes to mind. Today, the poverty icon has dramatically changed. This individual is an overworked, single mother. She is someone who works numerous hours to survive and to meet the basic needs for her family; however, her job is not paying enough no matter how many hours she is working. As a young adult, I realize that work ethic is one of the most important characteristics of the United States of America. Studies have shown that our people are working harder and more years than people in any other country. The harder a person works, the more money they expect to obtain, but this is not the outcome for everyone. The economy is booming; however, there are many hardworking individuals who are still struggling to survive from their minimum income. The Living Wage movement was established to combat and help several low-wage workers in the 1990’s. This movement gave them
Lastly, there's just not enough time for anything in their life, like they can't mentally or physically handle school and their lifestyle. Take me for example, a college student and a mother of one. I find it hard to successfully attend college and keep a job at the same time. My family and myself, right now, are at the bottom of the barrel. When we moved back from Tennessee, we had to use all the money we had saved.
Perceptions of financial well-being among American women in diverse families. Journal of Family and Economic Issues, 31(1), 63-81. Sigelman, C., & Rider, E. (2013, 2009). Life-Span, Human Development and Development. Wadsworth:
...seat to financial stability. As the economy has begun to improve, more people are able to leave their parents’ house and create their own life as individuals.
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 rates will help, but I believe we should find out why Americans are in this situation in the first place. We are being too stereotypical when we think the only reason someone is foreclosing is because of irresponsible payments or buying a home out of a person’s capabilities to pay for it. If we understand their situation, we will be better enabled to help and solve their crisis.
“One out of every two hundred homes will be foreclosed every month, making 205,000 new families enter into foreclosure,” Mortgage Bankers Association. The housing industry in the United States is undergoing an unfortunate crisis. There are way too many homes being foreclosed, which cause a ripple of problems.
I have eaten from the plate of materialism, only to find that it tasted foul in my mouth. I bought the high-end stereo and the large television. I soon realized these possessions made me feel guilty because I was ignoring my upbringing. I was betraying all of the feelings that I felt as a child in a poor family. Now, my walls are bare because I do not like to surround myself with propaganda. The same propaganda advertisers flaunted in front of me while I was growing up in a lower income family, not lower class. The notion that the country's population is separated into classes by wealth, with the least wealthy deemed the lower class, is repulsive to me. I refuse to conform to the typical American consumer stereotype who needs material possessions to feel validated, ever again.
help. Eventually people reach a point in which they believe that money should be obtained
It’s relative income that’s important. As I’ve noted previously, money is relative. It turns out we don’t mind so much about our actual level of income, so long as we’re earning more than the other people around us. Unfortunately, as we earn more money we’re likely to be surrounded by richer people, so we often end up failing to take advantage of the positive comparison. Material goods don’t make us happy.