Solving the Foreclosure Crisis

972 WordsJun 18, 20184 Pages
In order to solve the foreclosure crisis, first we must identify and examine the reasons why people are going into foreclosure. The unstable economy which has led to the loss of thousands of jobs is the most obvious reason that people are foreclosing their homes. Without a stable and sufficient source of income, it is virtually impossible to pay back mortgage lenders. The first step we should take to solve the foreclosure crises is to create more jobs so that people can pay their mortgages on time. Its easier said than done, but who said it would be easy. The way to create more jobs and a moral society is through free college education. We spend billions of dollars building penitentiaries and fighting wars which to me is a waste of…show more content…
The fifth step we should take to solve the foreclosure crises is to make laws that eliminate interest rates. This may sound absurd but, deceptive practices are the reason we are in the situation we are in now. When people purchase a home, they should know what to expect financially. Vague or unexplained mortgage documents have put people in the situation they are in now, foreclosure! I know profit is a goal of any company, but the ways that they makes their profits are shameful. If I want a bank loan for a home, it should be explained to me the exact dollar amount that I will be paying. There should be no hidden fees, or interest rate increases what so ever! I have been a victim of signing a vague document and outrageous credit card interest rates. I once opened a bank account with Chase bank. I signed a “overdraft protection form”, which was supposed to protect me from over drafting. To make a long story short, I had overdraft fees which were accruing for about two months. I “hate” the practices of American companies. I also have an outstanding balance with Citibank. I have a credit card debt of over 3,000 dollars due to the lack of education of credit cards, and the immoral interest rates that they have been charging. Though I do not blame the Citibank for my debt, the practices that they have are as good a career criminal. They exploit you in every possible way by vaguely explaining their terms, and leaving out the bad side of owning a

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