Solving the Foreclosure Crisis Essay

1770 Words 8 Pages
An economic crisis with such enormous ramifications as this one has, really has no rapid solution. Any hasty actions taken now are just stopgap measures, which will most certainly have unforeseeable consequences in the future. That is why any plan would be incomplete without a roadmap of long-term measures to prevent another crisis. However, if we wish to recreate a strong economy, and prevent widespread homelessness and starvation, we must take action now. I have kept both of these truths in mind while formulating my plan, and have tried to design a course of action that is an ideal balance of immediate emergency plans and enduring solutions. Certain fundamental realities exist that we must come to terms with, if we are to mold …show more content…
However, we have not gone far enough, because putting people back to work is vital to the continued economic and civic stability of our country. The unemployed simply cannot pay back their house loans, at which point they lose their homes, and, with the overburdening of our soup kitchens and homeless shelters, become starving street people. People who do not have any money cannot spend any money, so then our economy tanks. In addition, widespread homelessness and starvation understandably cause widespread civic displeasure, and if left to fester, can lead to riots, and increasing instability as a country, leaving us vulnerable to foreign interference. We must reverse the burgeoning unemployment rates. Once people have a steady income again, they will pay their loans, or even buy new houses, and the housing market and economy will begin to recover. This process will take considerable time however, because of course peoples’ first priority will be groceries, not their house payments. This is why we must enact banking measures, giving people more time to pay their loans, and stopping evictions and foreclosures – we must keep people in their homes. In reality, foreclosure benefits no one, because banks cannot sell homes right now, so they just sit empty, degenerating from loved family homes to derelict houses. Houses left to sit empty will cost the banks a lot more in the end than simply working with homeowners, because an empty house has no one to take care of

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