It Takes an Entire Nation to Solve an Economic Crisis Essay example

1229 Words5 Pages
It Takes an Entire Nation to Solve an Economic Crisis

The foreclosure crisis is genuine and terrifying for what it could mean for America’s economic future. Home foreclosure may result from unemployment, excessive and unexpected medical costs and family problems. These issues are more chronic than they are acute and so it is impossible to say that there is a quick fix or a single solution to solving the foreclosure crisis. While some individuals want to wait out the crisis and let it fix itself, I believe that the current administration must “think out of the box” and find innovative and varied measures to try and tackle the problem. I will summarize some possibilities for ways to combat the foreclosure crisis that can help make our
…show more content…
In order to stop the foreclosure crisis, the government must educate home owners about their options when they enter a situation where foreclosure is a very real possibility. The current administration is no stranger to the power of the internet in terms of education and awareness as it was used heavily during the democratic campaign. The internet is ubiquitous and web-based information travels quickly. It can be used as a tool to help inform home owners about various programs that may assist them during difficult times. The internet is already being used in some cities to help mitigate the effects or prevent additional foreclosures. For example, the city of Detroit, a city hard-hit by foreclosure, has instituted www.foreclosuredetroit.org . This website was designed “to help keep people in their homes by providing one centralized location of free, credible information and resources related to the foreclosure process. ” This model can help build confidence and give home owners the information they need. I recommend that this model be applied at local levels across the nation and it will have an impact on future foreclosures.

One of the major causes of the foreclosure crisis is unemployment. Unfortunately, according to the Bureau of Labor Statistics, the current (October 2009) average unemployment rate has reached 10.2%. One way to combat the foreclosure
Get Access