Since we are discussing the Great Depression vs the Recession, I thought it best to complete a blog entry on the issue of Foreclosure. Below you will find a link to the article entitled, "Obama's Foreclosure Prevention Efforts Criticized". Read the article in FULL and comment on the following questions:
1. Do you think, based on what you have read, that the Obama Foreclosure plan is working? Why or why not?
2. Do you think that the government should have stepped in to help those who are having a hard problem paying their mortgage, or do you think homes should go into foreclosure? Be sure to think about how this will effect banks, loans, etc.
http://www.npr.org/templates/story/story.php?storyId=130840418
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1. I dont think obamas plan is working. It isnt reaching enough people and not alot of people qualify, so thats not helpful. You have to have certain standards for the foreclure plan and many people dont reach thoosse standards. Also everybody in the government and banks need to get on the same page and not lose things or reject people just because.
ReplyDelete2. I personally dont think its the government responsiblity to pay for everyone elses needs. But on the other hand people anc children need certain things just to live. Everybody deserves to have place to live. This would effect banks and loans because they would increase and maybe not get paid back. So companies will be lossing money. But if they foreclose on all the houses the banks will be making money. I feel like there is certain circumstatnces for everybody and they are all diffrent.
I don't think the obama's Foreclosure plan is only working. It only works for the people who can pay it off.
ReplyDeleteThe governement should get involed and help people who are are having a hard time paying there mortgage. Because if they don't pay off thier house depth this could be a factor of another depression. The banks will not be paided back thier money
1. No, since people are being denied of HAMP, because of their financial status. The people applying for the loans receive a "pre-view" loan and aren't completely aided by the program. The program needs to help more people, since it hasn't reached its quota of 2-3 million.
ReplyDelete2. I believe banks should no help people who cannot pay for their houses. Yes, it may sound unsympathetic, but a leading cause of the Great Depression was people buying products on credit. If banks help people who don't have money, or a stable job, the same problem may occur. If someone cannot afford their home, they should find another place to live, unless they have a large family. The Government should step in when a family income does not exceed a certain price, the housing expenses aren't too expensive, and the family is large.
Obama's Foreclosure Plan has potential. However, they need to make the nessary adjustment to fix the HAMP stystem. It's inifectivly slow. 5000,000 people have received permanent mortage modification. It is no where in comparison; towards what the administration initailly estimated the program would help 3 million to 4 million homeowners. Rapid pace needs to be assured. Furthermore, the banks' call centers lose documents, and they reject homeowners for the wrong resons. The call centers need to treat every document like it's their own and be organize. Compassion and the will for peolpe to change the system is what's missing from the peolple working in the Obama's fORCLOSUER pLAN.
ReplyDeleteThe government should not step in to help those who are having a hard problem paying thier mortgage. Predominately becuase, it will cause or lead to a ression. People unfortunately, do not pay back thier loans. That causes banks to fail. However, the government should step in; if families income does not provide enough for the size of family. Americans need to live on less. The excess stuff is nice, but it is unnecessary.
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