A Brief Note On Solving The Foreclosure Crisis - 2229 Words

How to Solve the Foreclosure Crisis Since 2008 the United States has witnessed the dramatic collapse of the housing market. The housing bubble spurred by the loans that the banks gave to people, who could not afford those loans, and the interest rates on the loans, was changing each payment without reason. People started taking more loans, paying high interest, stopped saving. That affected the value of the homes. The rapid increase in the value of homes across the country for the previous decade, had been a falsity, in which billions of dollars funded by investments and home purchases were lost within a few months (Wikipedia.org: United States housing bubble). Millions of home owners were found to be unable to pay their mortgages,†¦show more content†¦To solve the current foreclosure crisis and to prevent another crisis arising in the future, there must be a campaign to re-clarify the â€Å"American Dream†, an efficient regulation of the lending and banking industries and the creation of viable nationa l health care system. What is the â€Å"American Dream?† Is it not the ideal held by billions across the globe that in the United States, the land of opportunity, one can find a well paid job, be able to raise a family and create a better life for both themselves and their kids compared to their living situation beforehand? Or is it the ideal, since the United States is one of the wealthiest nations in the world, anyone no matter what their situation, through hard work can take their share of that profound wealth? Ever since the late 1800s, when the United States emerged as one of the world’s leading industrial powers, millions of immigrants have came to this country to make a better life for themselves. They held on to the idea that in America, they would be able to afford such amenities such as a television, a car and maybe even a home. What many did not realize was that it was only through hard strenuous work would they even be able to survive in America, let alone afford the luxuries of life. Often many of these