How To Solve The Foreclosure Crisis

1027 words - 4 pages

Foreclosure has been a tragedy across America. One out of every two hundred homes will be foreclosed upon. That is approximately 3,000 people in Washington D.C. losing their homes every year. Also, every three months 250,000 new families enter into foreclosure. Things that we can do to solve this crisis are Educate Citizens, Banks need to lose the greed, and more job opportunities. For one the crisis started within the people. Citizens should take it amongst their self to obtain the knowledge that could possibly help them in these types of situations. Banks are the only ones who can stop the crisis they have to step up and hold themselves accountable. They have the power to give loan re-modifications and to lower interest rates. So, if the Banks were to focus on the needs of consumers and not on how much money they could get away with by increasing prices. Having more job opportunities will allow many people the option of being financially ready for any curve balls that may be thrown at them. This won’t resolve the solution solely but if it has a domino effect on home owners then it could make the process a little easier. Many people in America fail because they don’t understand. When people don’t understand they are vulnerable to be taken advantage of.
Citizens should take responsibility and try to learn as much about a subject before entering a field that has a big impact on how you live your life. I’m sure we have access to free books, paper articles, and web articles that allow us the opportunity to be educated. Many citizens walk into those situations blind and ignorant. I don’t doubt that many of the citizens just made a mistake. I am sure many citizens learn either through trial and error or just any other source. Those are the citizens that will not have a hard time regaining their finance to later return to stable conditions. Citizens should spend good money on lawyers with a good tack record to make sure what is being read to them is true. Also they can take the time them selves to look over contract instead of just allow some other person to do the work for them and hope that they are honest. So there are small things that home owners can do to give them a boost in the field they are in when it comes to buying a home. Six in ten homeowners wish they understood the terms and details of their mortgage rate and home values.
Banks are the only ones who can truly stop the foreclosure. If banks chose to re asses what their job description should be then more of the focus would be on pleasing the consumers providing them with reasonable prices, interest rates, and mortgages. Making things beneficial for both the provider and the buyer makes smaller room for error and discontent. But, the Bank systems are greedy so they try to suck the life out of every one possible and try to get as much as they can. By doing so it causes many people to...

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