Solving The Foreclosure Crisis: Two Solutions Essay

It is evident that the housing deficit is just a layer of the many problems we are suffering from during the hard times in our economy. Foreclosure is indeed a horrific word that is haunting homeowners across the US. Because of the situation in the current economy, millions of Americans have been plagued by foreclosing on their homes and are left to find new location for themselves and their families to live.

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

As the economy drops and foreclosures are on the rise, millions of Americans who were financially stable several years ago are asking the same question, “How could this happen to me?” The crisis has occupied the minds of politicians, who are trying desperately to solve this problem, but the tragedy continues as more and more Americans are foreclosed on with no alternatives. The foreclosure crisis will not be solved by simply lowering interest rates, firing loan brokers, or other short-term, ineffective solutions. The long term solution to the housing crisis has nothing to do with housing. The government has lost its way and needs to redirect the way the whole economy is run.

Brooklyn, NY – December 30, 2009 Foreclosures continue to rise drastically across the United States due to the recession, and have effected, and continue to affect thousands of families and individuals every day. One aspect we must take into consideration is that most people are not informed of what foreclosure means, or the process, even those who are homeowners. I believe that one step to preventing foreclosure is to educate first-time homebuyers. In addition, first-time homebuyer programs should not only assist potential buyers with financially preparing them to buy a home, but to keep the home once

The economic crisis that has occurred in the recent years and that has consistently worsened over past year or so has led to many other problems, one of which is the foreclosure crisis. More and more people are losing their homes due to job loss or simply poor financial choices. The number of unemployed and homeless is increasing at an alarming rate. Many feel like there is nothing that can be done to remedy the situation, especially when the enormous debt that the United States has already accumulated is considered. There is not just one simple step that can be taken to fix this serious problem, but there are a series of things that the government and financial agencies can do to help gradually improve the situation, including more

The years preceding the market melt down, homeownerships were painted as an American dream in a hyped fashion instead of a responsible investment. The demand for homeownership and immediate profit drove up prices in an unhealthy rate, and fueled a competition among buyers to use real estate as a vehicle to make quick money. That silently destroyed the American dream of homeownership. The competition spread to financial institutions to creatively fit unqualified borrowers into homes and finance over leveraged investors. The biggest debt an individual ever taken on their life time came with the least amount of information, if any. The entire real estate became a pure transaction number, from how much will the buyer able to sell the home they have yet to purchase to how much can real estate professionals make on the deal, to how quickly it can be closed. We saw an enormous amount of buyers not knowing what type of loan programs they just obtained and how it’ll play out through the life of the loan. We heard buyers fascinated in how easy it is to obtain a mortgage loan and the expectation that no one should be denied. The other interesting component is the lack of qualified professional involved in the

During the housing boom, the insecurity of consumer’s financial situations was used by those in finance to make a profit. Many entities were enticed by their greed to take risks and cut corners that ultimately affected the consumer, not themselves. The consumer’s own search for profit and their trust in the housing market made it easy for them to be lured into the gambling game being played by banks and investors.

A mortgage is a form of debt, secured by the warranty of a specific real estate property. The borrower is required to pay back the debt in predetermined payments. The most common reason for acquiring a mortgage is to purchase real estate when it cannot be paid for up front. The homebuyer, in a residential mortgage, pledges their home to the bank. Over a period of years, the borrower pays back the loan with interest. Once the mortgage is paid in entirety, the owner retains the property free of any charges. However, in case of foreclosure, the bank has an entitlement on the house, as a form of insurance should the buyer default on repaying the mortgage. The bank can then sell the house, and use the capital to pay back the remaining

I notice that a lot of American politics is about ending major crisis at home and worldwide. Unfortunately the politicians seem to go off course or side tracked on their particular platform or their states agenda. A major dilemma that needs to be addressed in American politics is the current foreclosure rate in the housing market. The issue needs to be addressed because our entire financial stability seems to be balanced on the housing market. When the housing market crashed subsequently the stock market crashed soon after it. As a result of both the real-estate and the stock market crash the banks opted out to tighten up their belts by increasing the criteria to apply for credit and loans. For most Americans who have or had middle class

The foreclosure crisis was one of the harbingers of the coming economic recession. This was the issue that shifted the focus of the 2008 presidential election from the Iraq War to the economy. As one can imagine, many individuals and families are currently hurting as a result of this foreclosure crisis. High unemployment rates and lack of job creation leave very few options for already struggling homeowners. Because the housing industry composes such a large part of the American economy and affects so many Americans, it is necessary for the federal government to be directly involved in a solution to the foreclosure problem. Like the New Deal programs during the worst economic situation in history, the government must again be

What do we think when we hear the word “foreclosure”? Most people realize that it’s definitely something that is not good, some say that it’s when someone fails to do something, but those people don’t really know the meaning of it. But before I present my idea let’s review the meaning of such process:

Due to the recession that our economy has recently experienced, American consumers are currently undertaking serious financial problems. Such difficulties are obvious in real estate, with homeowners having to deal with a major foreclosure crisis. According to studies by the Mortgage Bankers Association, one out of every 200 homes will eventually be foreclosed, and 250,000 families enter into foreclosure every three months. Although the worst times are still in our future, with help from the United States government, we as citizens will eventually overcome the horrendous situation of America’s current real estate market.

Solving the foreclosure crisis is a vital step toward the country’s economic recovery. The sooner America can resolve this crisis, the more rapidly banks will recover financially, home values will begin to rise once more and American citizens will return to work. The purpose of this essay is to provide a viable solution to the foreclosure pandemic. This proposal will benefit the homeowners, taxpayers, businesses, and the financial institutions in America. It will not benefit every household experiencing a financial hardship; however it will enable numerous American families to keep their homes. It will also aid in a more rapid economic recovery for America.

The United States economy has been in trouble for the past couple of years. The foreclosure crisis is a condition that began due to the inability of homeowners to pay their mortgages. Foreclosure is a legal proceeding whereby a lender obtains a legal termination of a debtor’s right to redemption. The foreclosure rates have been increasing for a considerable period and certain steps have been put into place to solve the problem. While the government, financial institutions and the general public are highly aware of the crisis, the steps taken to combat the problem are still not sufficient as the foreclosure rates are still increasing.

Foreclosure. Only recently has the term become a buzz word among the American public and various media. The crisis that has enveloped the United States has initiated widespread questioning of the very financial systems in which the American innovators have grown to prosper. Although the foreclosure crisis is often viewed as a product of greedy financial institutions, causation cannot be distilled to individual constituencies; further regulation on various components of the crisis can develop the preconditions for recovery, but 2009 has elucidated a stunning reality: the American financial system possesses an independent resiliency that is currently rebounding and developing recursive and futuristic solutions with minimal exterior