The Foreclosure Crisis Essay example

The Foreclosure Crisis Essay example

Length: 996 words (2.8 double-spaced pages)

Rating: Better Essays

Open Document

Essay Preview

In my personal opinion the only way to stop the drastic rate of foreclosed homes across America is to start at the root of the problem, the retail and their greed to the consumer and their over indulgence. My plan is to lower the cost by reducing greed and increase the wisdom of the consumer and to install the idea of buying practical not egotistical.
The retail side of the industry, the construction outfits and the banks, are so caught up in living the “American Dream” of wealth and sloth that they scourge every last dollar so they can see their profits double or triple each year. The supply companies are at fault as well. Suppliers are still sick with greed and drive their prices up and lower the quality trying to match competing corporation prices. It seems to be no one likes the “honest and dependable approach” to manufacturing these days.
The construction outfits that purchase the products at the exaggerated rates then use the supplies which ever they may be. For every supply that is used the company will increase the rate again, not only for workers and bills, but for highest profit possible as well. Then there are all the waste materials. Everyone has seen the rather large construction dumpsters over flowing with good material. Instead of trying to use all they can construction companies will trash the good materials and make the consumer pay for it at the companies prices which is nearly double the price it was first purchased. We see this by looking at the price of the home, many homes cost in the upper hundred thousands when we all know that the home did not cost that much to build.
Once the structure is finished and ready for a family to move in and call it a home, it is placed on the market by a real -estate agen...


... middle of paper ...


...ich? How much fortune does it take to make you happy? You know that most major home building corporations have ever increasing profit when not even the laborers of their team can never dream or purchasing one of the houses they help build.
To the banks; Please take a moment to think about the loans you are going to make to these families. Think if this huge home is ideal for a man and his wife with no desire for children. Do not let an individual purchase a home when they can not hold a steady job, or one that makes a large purchase every other week that exhausts their entire pay check. Most importantly do not sign a loan to some one which you now for a fact can not make this dream happen. If the family is struggling financially they need to stop and try to fix the situation and get the finance worked out and prepared before making the first step to owning a home.

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »

The Foreclosure Crisis Of Foreclosure Essay

- In today’s economy, people even in the best of situations are losing their homes due to foreclosure whether it was from unemployment or the cost of living people everywhere are facing a financial crisis and they are at risk at losing their home. I can empathize and relate with victims who have faced foreclosure or have been through such an event, because I have been there. In 2009, my husband and I celebrated buying our first home it was one of the happiest times ever in our life. A few months later, my husband lost his job so the financial struggle began, we kept up with our mortgage payment for up to a year, and then we started struggling and could not make the payment....   [tags: Full-time, Part-time, Foreclosure, Money]

Better Essays
895 words (2.6 pages)

Essay on Proposed Solution to the Foreclosure Crisis

- The economic crisis has become pervasive and no one is immune from its effects. Families are finding themselves in situations that they had only heard of others experiencing and are finding their circumstances spinning out of control and fast. There is an obvious need to assist families with real solutions now and fast. Mortgage companies are not quick to be compassionate or offer practical solutions to those who find themselves living paycheck to paycheck and then not having a paycheck and/or nothing in savings....   [tags: foreclosure, economy, financial]

Better Essays
1056 words (3 pages)

Proposed Solutions to the Foreclosure Crisis Essay

- Foreclosure is a growing national disaster in the United States. Every time you tune in to your local news, there is a new family whose house is being foreclosed. Every time you ride around the neighborhood, there is another house up for sale. There are several solutions to this increasing trend including cutting government spending and cutting funds towards unsuccessful government programs, devising financial plans to assist families by setting up payment plans that they can afford, getting communities more involved, more stimulus packages, raising the taxes of the wealthy to lower rates, and easing the limits on section eight housing....   [tags: foreclosure, financial, economy]

Better Essays
1052 words (3 pages)

The Foreclosure Crisis And The Housing Crisis Essay

- Have you had a home foreclosed on in the past few years. Were you forced into a short sale to sell your home. Was there a bankruptcy. Are you now wanting to know if you are able to buy again. Congratulations, you are a Boomerang Buyer. According to Reality Trac, Millions of Americans who lost their homes during the foreclosure crisis are now poised to become homeowners again. They estimate that 7.3 million so-called "boomerang buyers" will return to the U.S. housing market over the next eight years....   [tags: Mortgage, Real estate, Subprime mortgage crisis]

Better Essays
1113 words (3.2 pages)

Foreclosure Crisis Solution Essay example

- Foreclosure is a very sensitive topic and one that almost everyone decides to look up to the tax payers to solve. This is not a feasible option, like tax relief or programs of payment assistance as that only adds to the economy spiraling down and not solving issues for the homeowners. When faced with a person who is going through foreclosure the main concern of the lender is getting their money back. The capital invested in the buyer to purchase the house is ALWAYS secured by the house - but the interest is not....   [tags: foreclosure]

Better Essays
768 words (2.2 pages)

Proposed Options for Ending the Foreclosure Crisis Essay

- I really didn’t know much about foreclosure. So I did some research. I asked many people of many different ages from eighteen to sixty-two. A lot of people said,“ Just pay the bill”, but that is often easier said then done. Some said they got in over their heads and were not able to get out. Some also said that their income and credit look good on paper but did not cut it when it came to paying their bills. Some told me their income had changed due to losing their jobs or having a spouse pass away....   [tags: foreclosure, financial, real estate]

Better Essays
1309 words (3.7 pages)

How To Solve The Foreclosure Crisis Essay

- "How to Solve the Foreclosure Crisis" The foreclosure crisis in America isn’t something I just hear about on television or in my high school Economics class. It is something that my family and I have been living through for the last few years. It is not just a problem for banks and mortgage companies and politicians. It is a problem for real people like me. According to the Center for Responsible Lending, 2,400,000 foreclosures are projected to happen this year. I live in Arizona, a state that has one of the highest percentages of its citizens in some form of foreclosure....   [tags: Economics, Mortgage, Housing Crisis]

Better Essays
1094 words (3.1 pages)

How to Solve the Foreclosure Crisis Essay

- How to Solve the Foreclosure Crisis The subject of foreclosure is one that I know too well. I am currently trying to get my house out of foreclosure. It is not that I have not been in contact with Countrywide (now Bank of America), I have been in contact with them since July of 2008. I even signed a Modification Agreement in March of 2009. I thought that everything was okay. I sent all the paperwork in, signed and notarized, along with all of the financial information I was required to include with the Modification paperwork....   [tags: Economics, Mortgage, Housing Crisis]

Better Essays
1265 words (3.6 pages)

Essay on How to Solve the Foreclosure Crisis

- “I can see clearly now, the rain is gone. . .” This is the music that was playing in my mind when a solution to our foreclosure crisis took shape. I was in one of my electrical engineering classes and was thinking very deeply about my assignment. Simultaneously, my mind kept flashing the images of hundreds of homes in my county going into foreclosure. More homes went up for sale every week. Driving to school as the semester dragged on showed us all how hard our neighbors were struggling and failing in Oakland County....   [tags: Economics, Mortgage, Housing Crisis]

Better Essays
1799 words (5.1 pages)

The Foreclosure Crisis Essay

- Since I do not have a mortgage to foreclose, I know about it because I have heard my parents discussing it and I have seen clippings in the newspapers as well as on the television. Now the school is evoking thoughts, and I am encouraged to perform cursory research and present my best thoughts as my recommendations for solving the foreclosure crisis. Every one has been talking about the stimulus and the Obama’s plan to avert foreclosures. But it seems that the program is designed for failures. It is said that if one fails to plan, then the plan must be, to fail....   [tags: Economics]

Better Essays
1127 words (3.2 pages)