Proposed Plan for Solving the Foreclosure Problem in America Essay

Proposed Plan for Solving the Foreclosure Problem in America Essay

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Music is the true meter of thought among the American people. Music lyrics are poems which encapsulate a message to the American people. One of these great songs, John Dickenson’s “Liberty Song”, reminds the American people of a concept that has recently eluded them: “United we stand, but divided we fall”. This concept has been ingrained into our society and is reflected through our every day actions. Starting when consumers began to lose confidence in the stock market and Bear Stearns required a federal bailout, the American people decided to separate instead of standing united. Since then the United States has plunged into an economic recession. The United States has suffered both the foreseen effects of a recession and several unforeseen effects, including a foreclosure problem of great magnitude. Coupled with unemployment and drops in the stock market, the United States has seen a rapidly increasing foreclosure rate, and the problem has only continued to escalate. This raises the question: how do we solve the foreclosure crisis?
The foreclosure problem is complex. Firstly, many people have been taking out loans to pay for houses they cannot afford. As people saw the value of homes increase in the 1990s, they bought expensive homes hoping the price would continue to rise. However, this practice left millions of families with large loans and mortgages that they could not afford when the house market fell, thus leading into delinquency and into foreclosure. This is one of the problems that has kept foreclosures in a seemingly endless cycle.
Another cyclical problem is the depreciation in the prices of homes. With some houses reaching foreclosure and families just walking out or being evicted, the lack of maintenance of the fore...


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...economy. People will make smarter, more informed economic decisions and will have the skills necessary to prevent another economic crisis like our current foreclosure issue.
The foreclosure problem is very complex. The proposed plan satisfies the criteria necessary to be successful in solving the foreclosure crisis because it addresses and solves all three main issues and causes. Foreclosure is an issue that affects everyone living in America, either directly or indirectly. The time is now to take action. The time is now for change. The time is now to for everyone to stand together in order to overcome this obstacle in our climb back to economic stability.



References

Silva, T. L.(2008) Texas Foreclosures Number 9 in US. Retrieved on December 22,
2009 from http://earlybirdaustin.com/2008/11/17/texas%E2%80%99-foreclosure-numbers-a-mixed-bag-report-shows/

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Proposed Plan for Solving the Foreclosure Problem in America Essay

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