Foreclosures: Don't Make The Victims Pay

1020 words - 5 pages

Foreclosures are the seizure of ones property for non payment or some other legal matter that has not been satisfied. There is a disproportioned amount of foreclosures in minority communities; however foreclosures are not limited to minority’s communities. We must first understand certain terms; such as red lining and predatory lending. Banks and lending institutions have certain areas that they will not give loans to; this is called red lining. As a result lending institutions with less stringent requirements will make loans to communities that are less desirable then others and often place high demands on the person or persons obtaining the loans; this is called predatory lending. ...view middle of the document...

Closing cost and appraisal fees should be limited to a standard amount; as it stands now, we are hit with enormous closing fees at the sign and taking ownership of the houses in question. This is another provision that would help to eliminate foreclosures.

During my travels across this great country, I have observed much vacant property owned by the government. If these properties were given to indigent people, to build houses on; then many of our problems of foreclosure would be eliminated. The mortgage payments would be drastically reduced and jobs would be created; thus allowing for the expansion of our economy and the elimination of many foreclosures. Citizens would contribute to the development of new towns and villages. The growth and development of this country would definitely continue.

Additional rules and regulations that apply to lenders and real estate brokers, should be placed on the books and enforced, this would weed out unscrupulous individuals from obtaining a profit at any cost. The current rules and regulations that are on the books are not enforced and thus predatory lending goes unchecked.

All transactions requiring the buying, selling and foreclosure of homes should have a good competent lawyer participating in the transaction. This should be a mandatory requirement and thus many foreclosures would be eliminative.

Many folks have blamed the current American economy for the large number of foreclosures. If you exam all of the clothing that you are wearing, you will find out that most of our clothing is made in some foreign country. Bringing manufacturing jobs back to America would indeed stimulate the economy and reduce the foreclosure rate.

Many free legal services that offer legal help to our indigent population are funded in part by the government; government regulations prohibit them from instituting a class action suit; where entire communities have been wronged by unscrupulous lenders and banks. Elimination of these archaic rules is currently before...

Other Papers Like Foreclosures: Don't Make The Victims Pay

Economic Crisis In America Essay

680 words - 3 pages themselves stretching their savings accounts to make ends meet. The early withdrawal of monies from retirement accounts has found a common place in today’s environment. In an attempt to gain financial stability, banks have altered credit card payment agreements, thereby, forcing people to pay higher interest rates on credit card debt. The change in interest rates compounded with financial losses has caused people to default on payment plans. The

Victims' Rights and Vengeance Essay

692 words - 3 pages they had no right to make a statement to the court at sentencing or at other hearings. Moreover, victim assistance programs were virtually non-existent. Today, every state has an extensive body of basic rights and protections for victims of crime within its statutory code. Victims' rights statutes have significantly influenced the manner in which victims are treated within the federal, state, and local criminal justice systems. I believe that

Subprime Lending

1315 words - 6 pages . Not only were they accruing large interest rates from the loan with Valued Services, but they were also getting insufficient fund fees. You have to ask the question how ethical was Valued Services. It’s like asking an alcoholic to work in a liquor store. We placed stores in low income areas, and gave consumers loans knowing they were not in positions to pay them back. This is exactly what subprime lenders do. Allow consumers to get loans so

Reflective Paper

650 words - 3 pages Institutions’ predatory practices continue today, without ramification for their unprincipled behavior. . Reflective Observation The Fundamental attributes (87) contributing to the housing crisis had little to do with the content of a loan application. The bubble burst when the first wave of foreclosures came in 2006 and 2007. Many homeowners did not or could not refinance their adjustable-rate mortgage and could not afford the new higher

Banking Regulation

1154 words - 5 pages prices increased dramatically, so buying a home seemed like a sure bet. Lenders understood that homes make good collateral, so they were willing to participate. In 2007, the US economy entered a mortgage crisis that caused panic and financial turmoil around the world. The mortgage crisis was a result of too much borrowing and flawed financial modeling, largely based on the assumption that home prices only go up. Greed and fraud also played

The Mortgage Crisis

842 words - 4 pages The Mortgage Crisis Waldo J Williams III American Intercontinental University 16 September 2009 During the past few years, the housing market has suffered and put a major strain on the economy. With fellow citizens losing their jobs because businesses are closing, they are now unable to pay their mortgages for the homes that they were once able to afford. With the government trying to step in to help get the economy booming, the question

Economic Crash: Can The Economy Be Restored?

1998 words - 8 pages the "impossible" to keep history from repeating itself, and in Greeley we feel the pressure. The "impossible" is in other words the effects we are feeling because of those big bailouts that are coming out of the Federal Reserves, which are what taxpayers pay for. Currently we are nowhere near the Great Depression, but if we make the wrong moves our economy will crash and we'll see many foreclosures, prices will soar, massive inflation; we will

Films of the 19th Century

3406 words - 14 pages money it is losing in foreclosures, then Fannie Mae will become more profitable, thus increase the amount of money it can pay back to the treasury. One solution to help reduce the amount of losses from foreclosures is to rent the foreclosed homes back to their homeowners. This is both beneficial to Fannie Mae and the homeowner. First, the homeowner paying rent provides additional revenue that would otherwise not be received. Second, hostility and

Cause of Sub-Prime Crisis

627 words - 3 pages approved for loans that they could not afford – resulting in a large amount of default and foreclosures. The loans were largely based on the assumption that the value of home prices would continue to increase. There are a number of theories as to what led to the sub-prime crisis. It is believed it to have been caused through several factors. The crisis began with the bursting of the U.S. housing “bubble” that occurred in 2001. A housing bubble is

Bankruptcy Research Topics

724 words - 3 pages unpredictable. There are millions of distractions—illness, family obligations, expenses, careers, education—waiting to pull attention away from paying the mortgage. While they seem to take precedence over something as trivial as mailing the check to pay the mortgage, these distractions can potentially lead a homeowner into quite a significant dilemma. As more and more Americans fall prey to these distractions, the rates of foreclosures in the

Applied Economic Theory

1123 words - 5 pages than the rate in the subprime market.  The rise in delinquencies has begun to show through to foreclosures.  In the fourth quarter of 2006, about 310,000 foreclosure proceedings were initiated, whereas for the preceding two years the quarterly average was roughly 230,000.4  Subprime mortgages accounted for more than half of the foreclosures started in the fourth quarter. The problem with subprime loans doesn't lie solely with subprime lenders

Related Essays

Question 1 Jean And Her Mother Make A Verbal Arrangement. Jean Agrees To Cook Dinner And Clean The Dishes And The Kitchen Her Mother Promises To Pay Jean $50.00 In Return. Jean Spends A Considerable...

2327 words - 10 pages be taken into consideration when determining the intentions of both parties. A reasonable person may accept that parents and children make exaggerated statements when trying to achieve a desired outcome – for example, a child may offer a parent $1M if they take them to the circus. Was the statement by Jean’s mother mere puffery? If it was determined that there was an intention to create legal relations, we would then need to ascertain if the

Uneven Development Essay

1002 words - 5 pages to better prevent the spread of this plague. The recent victims in this failure are the middle class, with whom the troubles of foreclosure are starting to catch up. Gentrification is also starting to push the poor out of their homes to make way for the rich. This unevenness came from the inevitable shift of balance that comes with industrial capitalism. A fresh wave of foreclosures is impacting middle-class homeowners in Queens. Queens

The Market Equilibrating Process.Doc Essay

524 words - 3 pages drop in value” (Speaker Nancy Pelosi,). The wave of foreclosures, consumers were losing their homes, and people could not pay their mortgages. Many people became homeless or moved in with family members or friends. Investing in homes and real estate came to an abrupt stop. Supply outdid the demand, and prices fell (Speaker Nancy Pelosi). President Barack Obama pledges up to $275 billion dollars to help stem the wave of home

Obamas Issue On Essay

904 words - 4 pages Here is where President Barack Obama stood on some key issues ahead of Election Day. Abortion Barack Obama favors abortion rights. He said during the April 26, 2007, Democratic debate: "I think that most Americans recognize that this is a profoundly difficult issue for the women and families who make these decisions. They don't make them casually. And I trust women to make these decisions in conjunction with their doctors and their