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...
... middle of paper ...
...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.
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/
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- 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.... [tags: real estate, economy]
1883 words (5.4 pages)
- Of every issue facing the American people today, including our wars in Afghanistan and Iraq, our floundering economy, and our troubling health care system, none may be considered quite so frightening as the state of the sub-prime mortgage crisis. While matters in the Middle East and Washington often seem irrelevant and far away, the beast that has evolved out of low interest rates and plummeting housing costs is currently breathing down the necks of Americans in every state, city, and neighborhood.... [tags: foreclosure]
2172 words (6.2 pages)
- 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]
1056 words (3 pages)
- The United States of America currently faces a massive financial crisis that has led to numerous foreclosures and a loss of confidence in financial institutions. The United States government must take decisive action to give those with impending foreclosures the ability to keep their homes. Furthermore, these government actions should focus upon ensuring that people are able to pay on own mortgages, rather than relying upon bailouts from the government. However, the government’s primary goal for all actions taken ought to be long-term stability and preservation of consumer confidence in financial institutions so that another financial crisis may be averted.... [tags: financial, foreclosure]
1840 words (5.3 pages)
Proposed Options for Solving the Foreclosure Crisis through Public Awareness and Tax Break Incentives
- Foreclosures are a major problem, epically in today’s bad Housing Market, however with ever problem there come solutions. There is nothing we can’t fix. Fixing these problems with feasible solutions is what we must do. Currently the Obama administration is give tax break incentives from first time home buyers and its WORKING. The housing market has made a very remarkable recover from just one year ago, but as great as these tax break incentives for buying a new home do not encourage this first time buyers to make a smart home purchase.... [tags: foreclosure, housing]
979 words (2.8 pages)
- The home foreclosure situation is a daunting problem. As a nation, we need to examine the root of the problem, explore available options, implement new ideas and programs that have the best projected outcome and then review to determine successfulness of the changes. Before becoming an educator, I was a mortgage loan officer. I know, first hand, how stressful purchasing a home can be and the frustrations that hang on financial hardships and refinance loan packages. I welcome this opportunity to voice my concerns and ideas in regards to this foreclosure battle.... [tags: foreclosure, housing, economy]
1326 words (3.8 pages)
- For many Americans, the foreclosure crisis was a news story on TV. For others, the crisis was a national problem to be pondered “in theory.” In my case, however, the foreclosure crisis was personal and real. In 2003, in the midst of closing my failing African American bookstore in Denver, I defaulted on my home mortgage – finding myself the target of a foreclosure process, but also of predatory lenders and investors prowling my inner-city, gentrifying neighborhood. I avoided foreclosure by agreeing to a modification plan with my bank.... [tags: Foreclosures,]
2068 words (5.9 pages)
- 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 the answers we need.... [tags: Foreclosures, ]
1198 words (3.4 pages)
- Scared, and depressed. These two emotions are the top emotions felt by over two-thirds of all people that are going through the foreclosure process. Oddly enough, these are the same two emotions felt in a time of confusion or disarray. Scanning the headlines, one can discover a vast amount of excuses of how the foreclosure crisis started, who is at fault, and the various plans and bailouts put in place that were meant to keep America from going under. When a home is foreclosed, everyone suffers.... [tags: Foreclosures, ]
1934 words (5.5 pages)
- The media has cast the shadow of blame for the Foreclosure, on several different sources. The first of these sources is the mortgage banking industry itself. The reason being it’s poor credit underwriting. Wall Street is also in the shadow of blame for its collecting these loans and then selling them on Wall Street. And of course, the borrowers are also largely to blame for this catastrophe. They buy properties hoping to flip the houses for a great profit due to the increasing property values. The Obama administrations have tried multiple refinance programs to reduce the amount of defaults, such as, Hope for Homeowners, and Secure for the Delinquent Borrowers.... [tags: real estate]
1537 words (4.4 pages)