The foreclosure crisis was one of the harbingers of the coming economic recession. This was the issue that shifted the focus of the 2008 presidential election from the Iraq War to the economy. As one can imagine, many individuals and families are currently hurting as a result of this foreclosure crisis. High unemployment rates and lack of job creation leave very few options for already struggling homeowners. Because the housing industry composes such a large part of the American economy and affects
Solving our country’s foreclosure crisis is both simple and complex. It has been my belief that I, and all people, must learn from history or be doomed to make the same mistakes others have made. This foreclosure crisis is not new. It has happened before and was solved and stopped by wise and strong action. It is those things that we must look to now to find the answers and bring an end to the financial problems we face today. In this paper, I will attempt to use the examples of others to find
In order to solve the foreclosure crisis, first we must identify and examine the reasons why people are going into foreclosure. The unstable economy which has led to the loss of thousands of jobs is the most obvious reason that people are foreclosing their homes. Without a stable and sufficient source of income, it is virtually impossible to pay back mortgage lenders. The first step we should take to solve the foreclosure crises is to create more jobs so that people can pay their mortgages on time
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
Throughout history Americans have experienced many different crises. Today, one of several crises that are affecting the United States is the foreclosure crisis. I believe Americans are experiencing the worst foreclosure crisis of all time. The foreclosure crisis has been brought on by numerous factors, such as the state of our economy, job loss, and taxes, not paying mortgages, and lastly, owing the IRS. December 2007 is when Americans started to face some tough times. Many people were losing jobs
The foreclosure crisis has had a disastrous impact on the economy and is currently the only sector that has not seen improvement since it was announced that an economic recovery was transpiring. Lax regulation, predatory lenders, an uneducated public and an unaware government have paved the pathway to foreclosure. The American dream includes the notion of homeownership. In pursuit of this dream, questionable business practices and a purchase hungry public caused a financial crisis the solution to
In today’s economy, foreclosure is a major problem that is only getting worse; statistics show that one in every two-hundred homes are will be foreclosed this year. At this rate, in the average American classroom at least one student’s home is at risk due to their parents inability to pay the mortgage. In fact, 250,000 families enter into foreclosure every three months. Due to lack of reasonable thinking and assets , forty-three percent of Americans spend more than they make every month. Fifty-two
solve the current foreclosure crisis. The President and his staff have worked on plans, Congress has worked on different plans, and the financial industry has worked on its own set of plans. None of the plans have seemed to make a dent in the crisis so far. The main reason given for the slowing number of foreclosures now is that there just happen to be less bad loans out there since so many have already foreclosed. I believe that the biggest reason we had so many foreclosure in the first place
There is no painless solution to the housing crisis, any approach is going to cost money. But what is money? As the Brazilian song goes, “Money is just to spend.” And that is correct, money is inanimate with no feelings, and no emotions. Money needs no home, but the homeless do have feelings and emotions. Unlike money, the dispossessed suffer. It is far better to spend money than to make people endure any more hardship than they have to. Who wants to live in the street? Who wants to be
Home foreclosures have been a hot topic in recent months as the economy has been in a serious downfall with a very slow recovery process. There are many different philosophies and many people truly feel that we can recover from this. We can alter the foreclosure status by giving serious consideration to the economic times and the types of mortgages that are available. Buyers must become more educated on the additional costs when getting a mortgage such as taxes, insurance, etc. The government