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Solving The Foreclosure Crisis Essay

1084 words - 5 pages

Throughout history Americans have experienced many different crises. Today, one of several crises that are affecting the United States is the foreclosure crisis. I believe Americans are experiencing the worst foreclosure crisis of all time. The foreclosure crisis has been brought on by numerous factors, such as the state of our economy, job loss, and taxes, not paying mortgages, and lastly, owing the IRS. December 2007 is when Americans started to face some tough times. Many people were losing jobs and being laid off. This caused the unemployment rate to increase. One of the foremost forces that promoted job losses was the private-sector job unemployment. By the end of 2007 the United ...view middle of the document...

This would help people with their own financial problems by solving them the economical way. Television broadcasts would be a most effective resource. The government could hire cream of the crop professional financial advisors to be broadcast on one single television channel. The financial advisors could then provide a service where people could call in and seek personal financial advice. This would be most effective because it is tough to make financial decisions during these difficult economic times.
Another solution to help halt the foreclosure cycle would be to use the internet. The government could set up a website where anyone could anonymously blog in and post questions about a financial issue they are being faced with. The bloggers could create a user name and password and correspond with the financial advisors with questions or concerns they have. I believe this solution could be very effective because today there are countless internet users all over the country.
Magazines and newspapers can also be used to help turn around this cycle of numerous foreclosures. They could start to publish articles written by financial experts giving advice and counsel, addressing different financial issues or economic problems, and offering steps to take to solve them. Although magazine and newspaper readers are not as numerous as television viewers or internet users, it could reach a certain market and still be effective.
The government could do various things to help turn around this foreclosure crisis. One thing would be to pass laws and regulations that all financial institutions have to follow. It is true that high interest rates curb inflation, but it also slows down the economy. These laws would assure people that no one is engaging in unfair transactions. Doing this means that each financial lender has to set a certain interest rate according to the length of the loan. Another helpful rule would be to create a new set of mortgage modification guidelines as standards for government and private programs.
Another way the government could turn this financial crisis around would be for financial examiners to go and check up on these financial institutions. By hiring people to randomly check up on different financial institutions, it would help stimulate...

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