Our Economy Needs Help People-Stop Foreclosures

I am appalled at some of the things being said about many homeowners in this country. First of all anyone with any smarts knows that the housing crisis is at the root of the economic disaster. The only way that the market is going to stabilize at all is to begin to fix the housing market which has caused a domino effect on so many industries such as home improvement stores where they are laying off people by the thousands because business has slowed to a mere crawl. This in turn affects the suppliers and their workers also, not to mention the truck drivers who transport the materials. The list of workers just in this particular case involves many more support people also. Everyday people are losing their homes and those still in them have no equity to refinance for improvement or even just to take advantage of lower interest rates.

What bothers me is how some people, through the news media are able to live fairly well and keep up with their mortgage payments are now bellyaching because some of those folks who are at risk or about to lose their homes will be helped. The general conclusion from the whiners is that why should I have to help those who got homes who couldn’t afford them, with my tax dollars. Well guess what; those at risk homeowners have paid taxes and are still paying too. Many of the people who are struggling have lost jobs, suffered from the cost of living that has skyrocketed , suffered with health issues and many other contributing factors that has caused their plight. Each family is different and each families income level and expenses from time to time differ. Some of the families that have already lost homes had owned their homes for 10, 15 or 20 years, and because of personal issues due to health or even doing just necessary upgrades to their homes had to refinance which typically raises the monthly payment. How did they even know the powers to be on Wall street, deceptive business practices , greed and corruption was taking place and would someday prevent them from being able to refinance to a lower interest rate because their home is now under water. This is why many people are having problems, and they are being portrayed as “idiots in the media. One financial reporter went as far as saying that the government is promoting bad behavior. That is an asinine statement if there ever was one. People are pointing fingers and making assumptions when they don’t have a clue on individual situations. I would really hope more compassion would be given if they did. But honestly I don’t know any more. It is not mine or your decision to say what is right or wrong. The fact of the matter is that the housing crisis and the economy really needs monetary intervention , compassion , and understanding from all of us. Everyone’s positive energy needs to go into this matter for the sake of the country, the world,our children and grandchildren’s future and success.

Let’s stop saying everyone in a housing crisis is irresponsible because I personally know many people who are responsible, but because of a combination of bad luck, due to job loss, cut in pay, and other factors are suffering just as I stated earlier. These people did not asked for what has happened to them and are hard working.

Getting off track somewhat, I remember when the country was attacked on 9/11/ 2001, and yes it was horrific, everyone came together as an entire human race to help one another out. It did not matter who you were, where you lived, or how much money you earned. None of that mattered as it should have been. Well I dare not compare 9/11 with our economy, but in a sense our entire country and what it has stood for is under attack by a crisis that has never been seen before. If nothing is done about

housing, the auto industry, joblessness and more, then I just can’t even fathom what may happen. I can honestly tell you that my feeling is not good.

This article is not about our former president, or current President Obama, it is about our nation and all people to unite for the good of our country. I want to say to the politicians in Washington to put the pettiness and partisanship aside and focus on our good morals and principles that we are blessed with as Human Beings. Let’s stop foreclosures now.

Housing and The Foreclosure Crisis

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Comments 8 comments

fortunerep profile image

fortunerep 7 years ago from North Carolina

I can't imagine what is going to happen. I lost my home Thanksgiving due to fire and it is hard to pick up and start over and people are doing it everyday. I do however, think, President Obama will turn things around, only if people are willing to accept his purposals. When he announced that if you were o n disability that you would get a 250.00 stimulus check without even applying I had sudden wealth syndrome! Great writing.


laringo profile image

laringo 7 years ago from From Berkeley, California. Author

fortunerep, first of all I amd sorry that you lost your home. I know it must be hard. I think the president has to be bold and aggressive in dealing with the economic crisis. Doing nothing will complicate matters even more and we all will be in a depression. Thanks for your comments.


BkCreative profile image

BkCreative 7 years ago from Brooklyn, New York City

So true Laringo!

 - the poor mouthing and crying has begun.

Too many people fail to realize that in this kind of mass job dependent culture 'everything affects everybody' - while I have always done the right things and  held on to my property despite this depression (keep believing it's a recession and you are part of the problem) -  I do know that as people around me lose their homes it means businesses in my community will fail, children will suffer, poverty always has a direct link to crime, the value of my property will crash, the colleges will fail as parents cannot send their children to local colleges, - absolutely everything and everybody is affected - even if I had nothing to do with it - we are that dependent on everyone having a job - with a living wage - to be good little mass consumers.

Would all these people whining want to live near abandoned homes? Boarded up supermarkets? Boarded up businesses? Schools that have no tax base for funds? Higher property taxes? Their 'it's not fair' mentality is short sighted.

I have never agreed with the privileged stupidity of those politicians who have deregulated everything and sent us all to financial hades - but many people have - and voted for them and still defend them! 

I am glad to see change and transparency with our present President - WE ALL HAVE to make sure this will never happen again. It was a long time coming - but we have had recession after recession yet folks were still in denial - and too many believed the 'hype' - about great endless wealth in a society that has no financial base of its own. South Africa and its wealth is no longer our blood-filled endless money pit - which shored up wealth here for decades. Surely we all knew this?

This privileged 'for some people, by all the people' mentality has got us into this mess - there have been no checks and balances at all - none! I can truthfully say that I have had to work 10xs as hard for half as much as these whiners. So they get no sympathy from me.

It's time to take a deep breath - learn the true history of America and it's economic system and maybe this won't keep happening - as it has in the past.

Thanks for creating this much needed space for some good old fashioned venting.


laringo profile image

laringo 7 years ago from From Berkeley, California. Author

To BKCreative, You have added so much to my belief in this economic turmoil and what has to be done. I appreciate you further pointing our how we really are all in this together. Life is way too short and what's the point? One day we will all be gone to another place and time, and greed and selfishness won't be allowed. Thanks for your support and understanding.


Cathryn Maldonado profile image

Cathryn Maldonado 7 years ago

I found your commentary very informative and well written. I believe that most of the people facing foreclosure might be able to manage if the banks were just forced to give the homeowners a reasonable interest rate that they could afford. After all, the banks have already been given billions by the taxpayers. Now it is time for the banks to make concessions to the homeowners, who are the very taxpayers that bailed out the banks. Give the homeowners a chance to restructure their existing mortgages without charging all the normal fees associated with refinancing.

The fault is not with the homeowners. The banks charge 13.5 percnet interest in some cases for a loan, but pay only less than one percent when you deposit your money in a CD or savings account.

There is no law that says that the banks are entitled to a huge profit .

I say make the banks give the homeowners a fair deal.


laringo profile image

laringo 7 years ago from From Berkeley, California. Author

Cathryn, Thanks for the positive feedback and I couldn't agree with you more about the homeowneres trying to get some relief, are also contributing taxpayers that help bail out the banks. I find it ironic that the banks have ignored this fact and in manys cases are now forced to do the right thing.


William F. Torpey profile image

William F. Torpey 7 years ago from South Valley Stream, N.Y.

We need to bring back the usury laws. Sen. Bernie Sanders of Vermont is working on anti-usury legislation. Unless we go back to manufacturing in this country instead of shipping our jobs out to third world, low wage countries we'll never solve our economic problems. Unless we demand accountability from big business instead of allowing the "free market" to go unchecked, the Ponzi schemes so common among the robber barons will continue -- and so will our economic distress. If you listen to the talking heads on TV, the corporate world is never at fault, and it's always the poor and middle class (workers, homeowners) that just won't allow big business to make enough money to let some of it trickle down.


laringo profile image

laringo 7 years ago from From Berkeley, California. Author

William, I think overall our economy as a hold got too greedy and forgot about checks and balances. We are now having to take some steps back to repair this and also take steps forward to remedy it. All-in-all it's not a easy time or task. I agree with your comments 1000%.

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