Proposed Solutions to the Foreclosure Crisis Essay

Proposed Solutions to the Foreclosure Crisis Essay

Length: 1052 words (3 double-spaced pages)

Rating: Strong Essays

Open Document

Essay Preview

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.
Cutting government spending and cutting funding to the government programs that are unsuccessful would solve a tiny piece of the puzzle. Cutting these programs would save essential money that can go towards building new housing projects or funding more programs that could possibly lower rates for the families that cannot seem to get by in this bad economy. Money spent on building unnecessary statues and gardens like those consistently being built to beautiful parks and other attractions can go towards more homes and roads that lead to them.
If more financial solutions were available to families, they would have more options to choose from and lower rates because of competition between the different companies. Competition is the strongest factor between quality and cost. If a new company specializing in helping families afford their rent or mortgage payments develops, they will offer solutions cheaper than the other companies currently in the market. This could also lead to more affordable plans for low-income families because most of the financial plans set in play require over thirty percent ...


... middle of paper ...


...mportant things such as this in order to fund the building of new houses. If enough houses were built to satisfy the demand, the waiting list could cease to exist. Soon as a family was approved for section eight, they would be working towards getting themselves out of debt and getting back on their own two feet.
Foreclosure is not a problem that can be solved with a calculator or graph. It will take years and loads of hope to overcome this matter. Lending a helping hand can make all the difference between being homeless and living in a stable home. More money can always make a situation better if it was spent the right way. If communities stick together and government limitations are eased, this epidemic will someday be stopped in its tracks. It will not happen overnight but if these solutions are put into action, it might not be far away from becoming a reality.

Need Writing Help?

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

Check your paper »

Proposed Solutions to the Foreclosure Crisis in America Essay

- Foreclosure, the process of claiming the defaulted property to cover the cost of an unpaid debt, has hit America like a tidal wave. Considered to be a crisis and a major factor in the poor economic situation of today, there is no doubt that the current state of the housing market and the influx in foreclosures across the nation has had a dire impact on the American economy since the beginning of 2007. Strategies, policies, action plans, and all other means of organizing a recovery have been attempted, but to no avail....   [tags: real estate, economy]

Strong Essays
1749 words (5 pages)

Proposed Solution to the Foreclosure Crisis Essay

- Today’s America is in crisis; we are in a recession. The greatest factor driving this major recession is Foreclosure many Americans are forced to face every day. In simple terms, the foreclosure crisis was caused by greed in the banking industry and too much optimism of the American people. This resulted in a bubble of subprime mortgage lending, which eventually collapsed once leading mortgage firms in the banking industry such as Fannie Mae and Freddie Mac needed to be bailed out by the government....   [tags: real estate, economics]

Strong Essays
1240 words (3.5 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]

Strong Essays
1056 words (3 pages)

Proposed Plan to Amend the Foreclosure Crisis in America Essay

- Foreclosure. Eviction. You have an “x” amount of time to pay an “x” amount of money or you must vacate the premises. These are the words many people dread to see when they open their mortgage bill or hear when they talk to their mortgage company. They rather see the high mortgage payment or “overdue” written in red than the words that tell them they are going to lose their home. They rather have harassing phone calls from the mortgage company telling them they are overdue in payments. Unfortunately, many families across the United States of America are seeing and hearing those alarming words....   [tags: economy, foreclosure]

Strong Essays
989 words (2.8 pages)

A Practical Solution to the Foreclosure Crisis Essay

- It is no secret the foreclosure crisis has played a significant role in the financial meltdown of the past year. The collapse of the housing marketing has brought thousands of families across the country to financial ruin, forcing many out on the streets. Although the common consensus is that something must be done to stabilize the foreclosure crisis, the agreement ends there. Proposed solutions to the foreclosure crisis have drawn controversy from all political affiliations and walks of life. This controversy is largely due to the fact that no one can determine for certain, a single factor that led to the housing market meltdown....   [tags: foreclosures,]

Strong Essays
1133 words (3.2 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]

Strong Essays
979 words (2.8 pages)

How to Solve the Foreclosure Crisis Essay

- The United States home foreclosure situation has been caused by the declining economic benefit of owning a home, and the devaluation of the underlying assets behind mortgages. The real crisis is that a large number of homeowners at this point in time have a balance sheet that has liabilities, which are greater than the matching assets, and little to no equity. For home ownership, this is historically unusual and unexpected by the investors who purchased the assets and assumed that property values would always be on the upswing....   [tags: foreclosures,]

Strong Essays
2100 words (6 pages)

Essay on Solving the Foreclosure Crisis

- In order to solve the foreclosure crisis it is necessary to understand what caused it and how it developed. After September 11th the government was worried that the already present recession would amplify due to American fear and economic instability. The Bush administration and the Federal Reserve established sharp cuts on interest rates to propel the faltering economy. As a result we saw the lowest interest rates in decades. These low interest rates made it easier and more affordable for people to become homeowners....   [tags: Foreclosures, ]

Strong Essays
2115 words (6 pages)

Solving the Foreclosure Crisis Essay

- Foreclosure – the word itself makes bankers nervous, investors angry, homebuilders desperate, and delinquent homeowners fearful. In such situations, no one wins. 1 in every 7 US home loans were in foreclosure or at least 30 days past due by the end of September 2009. The current crisis has led to the foreclosure of approximately 2.75 million homes in 2009 alone, and projections for 2010 and 2011 – upwards of 3 million – show only worsening of the situation. It is reported that 250,000 families lose their homes every three months, lenders lose from six to twenty cents on the dollar when trying to sell foreclosed homes, and the homebuilding industry has come to a near halt nationwide....   [tags: Foreclosures,]

Strong Essays
1346 words (3.8 pages)

Proposed Plan for Solving the Foreclosure Problem in America Essay

- 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]

Strong Essays
1883 words (5.4 pages)