5 Responses to “Ideas To Help Stop The Foreclosure Crisis?”

1. bob Says:
   January 20th, 2010 at 5:37 pm

   People need to be smart and not buy more house than they can afford, and banks need to not let people buy houses out of their reach. Its too late to do much about the current situation just ride it out. Bailouts, while easing the blow, only prolong the problem.

2. MKD Says:
   January 20th, 2010 at 10:08 pm

   At first the mortgage crisis was because of predatory lending and people did get homes they could not afford-both parties here are responsible, the banks and debtor. Hence the defaults started. However, a lot people who are now loosing their homes are people who could afford their homes have lost their jobs, had their hours cut to nothing, the value of their houses are down, lots their retirement funds, etc., and have become a casualty of the past lending practices. Someone who lumps everyone into they got homes they could not afford category are totally wrong. Take a look around and listen. People who had good paying jobs and thought that they had job security found themselves on unemployment lines. Although we are all responsible for our debt, you can’t blame everyone who lost their home as someone who could not afford their home at the time they got the loan.
   I don’t think that there is anyway in putting an end to this crisis as long as the government, banks, wall street and investors are in it for their own profit. The Gov has not really helped and they started this. The others simply took advantage and the gov has done nothing.

3. Ryan M Says:
   January 21st, 2010 at 3:31 am

   There is no crisis. People bought houses for more than they can reasonably afford. Those prices that they paid were inflated due to the housing bubble. All that is happening now is things are getting to where they should be. People who make 50k per year are not entitled to $500k houses. Had everyone not gotten greedy during the bubble, none of this would be happening. 90% of these people deserve what they are getting.

4. knismom Says:
   January 21st, 2010 at 6:23 am

   The problem is people just HAD to have their dream homes and didn’t look at how they were going to go about making those huge payments. Now they’re stuck. When they signed their closing papers, they were presented with the facts and they signed anyway. Too bad that the lenders didn’t do a income to debt ratio check and take that into consideration.
   Now they cannot make payments, but a lot of them are seeing other homes similar to theirs selling for much less and they are buying a second home, then letting their main home foreclose. The people who are still making payments cannot go lower on their sales prices because they paid too much. It’s not a crisis really, it was a series of stupid moves.
   It will smooth out, and will return to normal for awhile. The market is always up and down. There were a lot of foreclosures in the mid 90′s too, but not as many as now, and it wasn’t drilled into our DNA by the media back then like it is now.
   The best thing to do is to buy if you’re looking to buy, and know that some sellers cannot accept much less than they are asking for. List your home if you’re wanting to sell. Not much else that we can do for now. It would be good to contact your representatives and ask that they extend the tax credit for first time home buyers, and extend that tax credit offer to ALL buyers. Look around online for information and who to contact. This tax credit really has helped to get the real estate market chugging along in our area for the past few months, and it would be nice to continue that. When the real estate market is down, economy is down – simple as that.

5. Bunny D. Says:
   January 21st, 2010 at 1:04 pm

   This crisis was caused by banks, mortgage brokers, etc.They gave mortgages to people that could no way afford them. i.e., stated income , etc. Hello!! Is anyone home. These people were Allowed to do this and even encouraged to do this by our Government……….when their requirements relaxed. It is very simple: If you can’t make the payments on a loan………..you loose whatever you took a loan on.

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