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Proposals To Solve The Foreclosure Crisis

1397 words - 6 pages

Hello as president I have noticed a number of problems facing our nation. I wanted to address some of these issues to show Americans that “It’s not business as usual: use the Law as Your Resource for Change”. I also wanted to ensure the people that the government is on their side. I have chosen to put the housing crisis at the top of my list. The housing or mortgage crisis was brought on by mortgage delinquencies and foreclosure in the United States. The housing crisis started when our economy was at its peak in the housing industry. Many people though this “leap” could never be stopped. This delinquency to our economy has proven to be fatal. However this crisis has not “yet” proven to be as horrid as anything else we have ever faced before however, what is to come is still unknown.
I feel there are many to blame for this issue: realtors, lenders, borrowers, banks and most of all the federal government. The reason I say that realtors are to blame is because they were the ones who went out buying every bit of land they found in order to try and sell it at a much larger profit than what they paid. Many realtors thought that the real estate prices could never fail; they felt that they were not harming the economy in any way. Many can see that they felt the real estate business would boom forever, a book published by the National Association of Realtors encouraged this view. The NAR wrote a book entitled “Why the Real Estate Boom Will Never Bust and how you can Profit From it”, this shows how ignorant they actually were. Lenders; mortgage brokers and banks are at fault because they worked alongside realtors and gave loans to unqualified applicants. They didn’t care if you were taking out a hundred thousand dollar loan, and only made twenty-five thousand dollars a year. We all have to realize that this is not how things can work. Many brokers and lenders didn’t even check people’s employment status. Borrowers are at fault because they knew they couldn’t afford these loans or these houses they wanted to buy and still they took the money not understanding the damage they were doing. Finally, the government is to blame because it is the job of all of us to step in when we see our economy in a downfall. I am not saying they should have just bailed them out, but they shouldn’t have left in the hands of people alone. The federal government should have quickly reacted to the situation knowing it could have led us anywhere. And now as our economy as our economy goes downhill we all have ourselves to blame because the biggest cause of this problem has been ignorance of our actions. The way we sat around thinking the economy would always boom was a misconception. We should have learned from the 1930s that this wouldn’t always be the case.
I propose we do a number of things, first I feel that the federal government needs to strength the foreclosure prevention incentive because still over 44% of Americans are facing foreclosure. I plan to do this by...

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