Now, many are calling for government relief to homeowners who have landed in this situation. In addition, a result of this crisis has been the change of policy for loan companies and banks. Most no longer give loans with no down payment.
In order to relieve some of this crisis, President Barack Obama has proposed spending more than $50 billion to "reduce mortgage payments and stall further home foreclosures" (Hall). Obama's senior adviser David Axelrod called the foreclosure crisis a "major problem," and implied that something must be done. In addition, the recently passed stimulus bill, which consists of components such as imposing "sharp new limits on pay and bonuses for corporate executives whose companies receive foreign aid" (Hall), might help to curtail some of the bank or corporate greed that sprung the crisis.
Thus, foreclosure is a problem throughout the United States, although it is concentrated in a few states. People are loosing their homes because they bought into sub-prime mortgage lending. This risky type of loan allowed these people to get...
United States Should Continue Space Exploration For those who believe the United States should forego any further exploration of the universe, even of our own Solar System, whether through manned spacecraft or with un-manned probes, this paper offers a well-thought-out rebuttal to that viewpoint. It would be short-sighted on the part of the U.S. To turn our backs on the potential for new and exciting discoveries, and on the investment
Economics: The State of the U.S. Economy Cousin Edgar, a global investor, is seeking to capitalize on the thriving gasoline industry and the rising world demand for oil by purchasing several gas stations in the U.S. market. Inspiring his interest is the high price of gasoline, which he reckons will rise even higher in the near future, thanks to the urbanization and industrialization currently being witnessed in the developing economies of
The president also promised to work with other relevant sectors to assist homeowners in refinancing their mortgages at low interest rates. On the other hand, Republicans are worried about proposals that would repeat the 2009 stimulus plan despite of President Obama's call for bipartisan support to the bill. They argue that the failed 2009 stimulus plan and its successive policies have shown that huge government deficit spending is not the solution
Community Policing According to the United States Department of Justice's Community Oriented Policing Services Website, "Community policing is a philosophy that promotes organizational strategies, which support the systematic use of partnerships and problem-solving techniques, to proactively address the immediate conditions that give rise to public safety issues such as crime, social disorder, and fear of crime." Community policing is defined in similar ways throughout local police departments, although there are enough
While it was generally agreed that the increase in prices was due mainly to an insufficient offer as the stock house was limited, opinions have also been forwarded according to which the buy-to-let purchases have contributed to the inflation of the house prices (Property Mark). The debate concerning the reasons for the massive price increases for residential properties (materialized mostly between 1996 and 2005) is however still ongoing. On the
Predatory lenders look to stretch the debt-to-income ratio to a point where, it is not considered responsible lending (Smith 3). Another example of predatory practice is attaching a balloon payment to the loan. Balloon payments are typically seen in prime paperwork used when the borrower is upwardly mobile in their profession. Meaning simply, they will be making more money in the future and able to pay a large compounded
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