Repairing The Current Foreclosure Crisis Essays

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The basic question of repairing the current foreclosure crisis assumes that some sort of immediate solution is possible in today’s environment. There is no “quick fix”, but there are solid solutions available to the federal government. The current crisis is a result of government mismanagement, and in some cases, ignorance of the country our leaders are elected to serve. To solve our current foreclosure problems, the federal government will have to be decisive, return to some older policies, and be patient in a three level attack on the foreclosure problem. First, and most importantly, the federal government can no longer assume home ownership as a right of all Americans. The federal government must once again govern as if …show more content…
Again, none of that adds to home ownership itself being a right in America.
Once again, allowing local institutions to serve their customers with common sense and fair business practices, within federal guidelines, will eventually restore the housing market in America. The possibility a national leader knows what the local economy in a major city such as San Antonio, Texas or a small town such as Hondo, Texas, will bear in the housing market is virtually non-existent. The rights of citizens in these communities are the same, as they are in Bangor, Maine, Walla Walla, Washington, and all points between. The economies and the needs are different from neighborhood to neighborhood, and best addressed by those capable of making such decisions. A lender in Dallas, Texas, offering a realistic interest rate for the Dallas economy, is much more able to determine which buyers can afford home ownership in Dallas than a politician that might have only seen Dallas flying home to California.This common sense approach would eliminate so much of the foreclosure problem facing America today.
The problem with so many homes sitting empty will not easily be solved in this manner. If the federal government is truly interested in helping individuals and the economy, a complete restructuring of all the recent bailouts will be required. Instead of forcing money into financial institutions, and controlling the institutions day to day

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