Foreclosures in the United States Research Proposal

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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.

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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 comfortable paying a low rate, but made it impossible for them to make payments once their loans had hit the adjustable portion. Now, as people continue to be unable to make payments, the economy, and families, suffer. In order to solve the problem, President Obama has proposed new spending legislation. While this may help to some degree, homebuyers' education will be what ultimately stops foreclosure skyrocketing.

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