What to Do about Foreclosures

The foreclosure issue has been a tough situation for many people. Homes have been lost and dreams deferred. The problem, most people agree, is greed, and the effect has been the tanking of the housing market. But how does one solve an issue that is—whether we like to admit to it or not—part of human nature? How does one solve the “greed” problem? Since that may require more of a dissertation then a short essay, the other thing we can focus on is how to get suppliers to be equitable while still making a profit, and consumers to manage their money better. Being that I am both a teacher and prospective home owner, I'd say it's about education and incentives.

For something that is so important to our nation's economic well-being, personal finance is barely explained, as it is taught for only one semester if that. When I went to high school for example, we were required to take ELP. This dealt with Economics, Law, and Personal finance. In terms of personal finance I learned to (a) balance a check book, (b) fill out a check, (c) the importance of saving and (d) budgeting. Not to say that this isn't important material to learn, but in the years I've graduated, I find that the exact same material is taught today in high schools. Students I feel, are given very rudimentary finance information. Though they certainly already know about credit cards, they don't fully comprehend the concept and dangers of debt. This may be because having a credit history, essentially having a history of being indebted to someone or some company, is almost necessary in order to have a credit score that may eventually permit an individual to purchase either a vehicle or a home in the future. This makes debt sound rather good. As such, one possibl...

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...easures which must be taken. These would include appropriate legal measures, some of which have already been set into place by the current administration. The negative side to more laws or legal measures, is that people feel less inclined to ‘do good’ when so much is required of them. Sadly enough, the question remains, why should one spend more money and energy doing good for the long-term, when less expenditure is necessary to be well-off now albeit irresponsible? Just as it is written by the White House on their website, “we cannot begin to tackle the challenges we face...without restoring fiscal responsibility and accountability...” Though this is in reference to Government, the same is true for the issue of foreclosure. It cannot s be solely about educating our youth and future generations, but also about encouraging the current populace to set the bar.