A Brief Note On The Foreclosure Crisis Of Foreclosure Essay

1097 Words Nov 26th, 2014 5 Pages
Foreclosure “victims”? People can be victims of fires and floods. I think it is a stretch to call someone a victim of a foreclosure. When people face a crisis, they usually want to be warriors as opposed to victims. They are better served by empowerment as opposed to pity. Boomerang seems like a fun nickname though. I would stick with Boomerang Buyers. It has that double B as well as the root word BOOM. All foreclosures are not the same. Some deals were so bad that nothing would have prevented them from going sour. The no-down-payment loans with the teaser rates were so seductive. And who wouldn’t want to be a duplex owner with rental income instead of a single-family homeowner? And why not add an SUV and a fishing boat using an additional loan because the rates are so low? From a lender’s point of view, writing loans is the goal. If you can sell the loans to investors, then why bother vetting the customers? There is no risk. If you don’t put money down there is no risk. What could possibly go wrong? So much of what went wrong was driven by solid intentions. Giving more people the opportunity to buy a home is thoughtful regardless of which political party is responsible. Thousands of jobs were created in the construction trade alone. With home values increasing, overall wealth increased and with that came major purchases. As long as the home prices continued to soar, the system could sustain itself. Almost. Some people were going to lose their…

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