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How to Solve the Foreclosure Crisis

I would love to hear all suggestions for everyone's opinion on how to solve the foreclosure crisis. Please leave sources if you get your information from other websites. I'm writing an essay on this topic to try and win a scholarship. I already have a few ideas, but would love to hear more.. especially from the intelligent ladies that answer in this section. Thank you very much.

 
Anonymous

Asked by Anonymous at 2:02 PM on Dec. 24, 2009 in Politics & Current Events

This question is closed.
Answers (11)
  • tent cities.
    punish those who lied on their mortgage apps.

    Wow you honestly think that all those people lied on their mortgage apps? You have a lot to learn!
    Anonymous

    Answer by Anonymous at 5:59 PM on Dec. 27, 2009

  • With all the debt we are going to be getting taxed for, there is probably little to do now other than let the market adjust.
    Carpy

    Answer by Carpy at 2:10 PM on Dec. 24, 2009

  • Here is a nice little payoff for the heads of the dem babies, Fannie and Freddie.


    http://news.yahoo.com/s/ap/20091224/ap_on_bi_ge/us_mortgage_giants_ceos

    Carpy

    Answer by Carpy at 2:12 PM on Dec. 24, 2009

  • The market is correcting itself needed to happen. Too many were borrowing what they could not afford and the housing boom was making it impossible for the middle class to own homes in many states. We made 106k in California and could not buy in our town the cheapest house for sale was 400k and it needed to be gutted and only had 800 sq ft. With the market correction we just bought a 2800 sqft house for 260k we had 60k to put down so our mortgage is not too bad. Many I know have done this and will do this when they feel the market has bottomed out. We can finally afford it.

    I think if the Gov leaves things alone and quits screwing with business and people so they can create jobs things will gradually get better. Existing homes sales are up a bit new homes sales will take longer and those home sales are the ones that create even more jobs. Hard to buy a house if you don't have a job.
    Anonymous

    Answer by Anonymous at 2:36 PM on Dec. 24, 2009

  • I hate to say this, but you may want to consider who this paper is going to; and think about if they're right leaning or left leaning in their views.

    There are a lot of snooty professors out there who have little tolerance for people with opposing views.

    (though personally I agree with cutting off the creative loans, and letting the market correct itself - if people need to rent, that's okay).
    Anonymous

    Answer by Anonymous at 3:00 PM on Dec. 24, 2009

  • You can't "fix" a market correction. The foreclosures are how the market is getting corrected.
    yourspecialkid

    Answer by yourspecialkid at 3:10 PM on Dec. 24, 2009

  • Anonymous

    Answer by Anonymous at 4:01 PM on Dec. 24, 2009

  • The foreclosures are how the market is getting corrected.


    This is correct- Smoke and mirrors and creative financing = fancy rentals!

    Sisteract

    Answer by Sisteract at 6:18 PM on Dec. 24, 2009

  • The banks that used taxpayer money to get bailed out should automatically re-set all mortgages at the lowest %. as a Thanks


    It would save me $500 a month, how many could keep paying their mortgage with that adjustment?

    Anonymous

    Answer by Anonymous at 9:59 PM on Dec. 24, 2009

  • No more ARMS
    Anonymous

    Answer by Anonymous at 10:00 PM on Dec. 24, 2009

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