Solving the Foreclosure Crisis Essay

Solving the Foreclosure Crisis Essay

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As the saying goes, history repeats itself. The Great Depression is a time in American history that will always be remembered as a time of hardship in Americans’ lives. The goal: to never have such great oppression exist in the United States again. With the way the economy is headed today, many people are skeptical as to whether history will really repeat itself and create a new Depression. One of the biggest problems in the country today is the foreclosure crisis. Many Americans are living outside of their means or have lost their jobs and are unable to make their mortgage payments. When people can’t make their mortgage payments, they will lose their home and their family will be out on the streets. There are definite changes that need to be done to fix this crisis and help out fellow Americans.
Many Americans want to have the best and be the best, no matter the cost. Many people have bought homes that are way too expensive for them. They think they can make the payments, they think everything will work out, but it won’t. A big reason for this “belief” is that these people buying these big, luxurious, over-the-top houses is the bank workers who allow million dollar loans to be made. Banks are largely to blame for this problem. There needs to be a major bank reorganization to begin fixing this crisis. If a person doesn’t have enough money to make the mortgage payments, then they should not be approved for a loan. Most people who are looking to buy a home “have no savings, no available credit”(fdic.gov). The bank needs to better manage the loans they are giving out and the people they are giving these enormous loans to. People might be mad that they don’t get approved for their loans, but they should be advised by the bank to ma...


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... the beginning about being financially prepared for the outside world that they will be thrown into at graduation. Teach them useful things they will need to know such as how credit cards work, how loans operate, how to save money, and how to live within your means. When you teach someone at a young age in a fun way that they will find interesting, they will want to learn. Create simulations where fourteen and fifteen year olds can use “play” money and deal will loans and owning a house and having a family. The youth today will be running the country some day. We need to prepare them now for the enormous responsibilities they will be facing in the future. If young children keep seeing people buying bigger and bigger houses and having the best of everything, they will think that’s how they need to live. We need to act now to help the future leaders of our country.

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