Preview

Foreclosure: Mortgage and Real Estate Market

Best Essays
Open Document
Open Document
3445 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Foreclosure: Mortgage and Real Estate Market
Foreclosure – Individual Crisis That Depresses the Whole Economy

Foreclosure – Individual Crisis That Depresses the Whole Economy

Introduction 1. Foreclosure: past, reality or future. 2. Awareness can help. 3. Impact of foreclosure and lack of knowledge.
Body
1. Process and statistic of Foreclosure A. Understanding what foreclosure is. B. Process of foreclosure. C. Different statistics between the states. D. Foreclosure case. 2. Reasons behinds foreclosure in different states E. Leading reasons for foreclosure in the states with the highest instances. F. Reasons for the low rate of foreclosure in the states with low occurrences. 3. Foreclosure effects on individuals, families, communities, government, and lenders G. Short-term effects of foreclosure in a region. H. Long-term effects of foreclosure on a region. 4. Prevention of foreclosure I. The FDIC, regulators and the banking industry ways to help and prevent. J. The President Obama Administration. K. National Association of Foreclosure Prevention Professionals.
Conclusion

Thesis
Foreclosure is a bad storm in the real estate business that depressed and weakness the whole economy, including but not limited to regular people and their families, mortgage companies and financial institutions, communities and all levels of government. Many people can avoid foreclosures and keep their houses by knowing their rights and strategies based on the current law.

Foreclosure: past, reality or future As we know, the world economy for the last several years expresses numerous economic problems. Of all problems facing our economy, the biggest drain is the housing crisis, as result of dramatic increasing in foreclosures. Foreclosure became a part of people’s lives. US home foreclosures hit new record high in 2010 as millions of families faced a disastrous combination of unemployment,



References: Segal, Lloyd (2008) Stop Foreclosure Now. The Complete Guide to Saving Your Home and Your Credit. American Management Association Geller, Tom (2008) Save My Home Douglin, Carla (2008) The Foreclosure Workbook: The Complete Guide to Understand Foreclosure and Saving Your Home. Wiedemer, James I (2009) The Homeowner’s Guide to Foreclosure: How to Protect Your Home and Your Rights. Solving The Foreclosure Crisis. (2011) www.avoidforeclosureprocess.net/foreclosure-crisis/solving-the -foreclosure-crisis/ Foreclosure Process in Minnesota Gerardi, K., & Wenli, L. (2010). Mortgage Foreclosure Prevention Efforts. Economic Review (07321813), 95(2), 1-13. Shetty, A., Kroleski, S Kinghorn, M. R. (2011). Indiana 's Ongoing Foreclosure Crisis. Indiana Business Review, 86(2), 1-5. Immergluck, D Immergluck, D. (2009). The Foreclosure Crisis, Foreclosed Properties, and Federal Policy: Some Implications for Housing and Community Development Planning. Journal Of The American Planning Association, 75(4), 406-423. doi:10.1080/01944360903124316

You May Also Find These Documents Helpful

  • Best Essays

    Foreclosure Crisis

    • 1262 Words
    • 6 Pages

    The mortgage crisis we are experiencing in the United States today is already ranking as among the most serious economic events since the Great Depression of the 1930’s. Hardly a day goes by without a story in the newspaper or on the cable news stations reporting about the increase in the number of foreclosures across the United States. The effects of this crisis have spread across all financial markets, where in the end all of us are paying a price for this home mortgage crisis. When the housing market collapsed, so did the availability of credit which our economy depends upon. The home mortgage crisis, the financial crisis and overall economic crisis all need to address by the federal government to bring us out of this recession.…

    • 1262 Words
    • 6 Pages
    Best Essays
  • Powerful Essays

    Burning Down the House: Mortgage Fraud and the Destruction of Residential Neighborhoods Ann Fulmer March 2010…

    • 11794 Words
    • 48 Pages
    Powerful Essays
  • Better Essays

    Predatory Lending

    • 1215 Words
    • 5 Pages

    Richman, J. (June, 2005). We can be heroes for one foreclosure. Scotsman Guide, 12, 96.…

    • 1215 Words
    • 5 Pages
    Better Essays
  • Good Essays

    Predatory lending has caused many conflicts in the American society. Victims who fall for predatory lending are usually low income homeowners or those having financial difficulties. Consumers do not realize that mortgage payments are impossible until 3-4 years after predatory lending. This imposes a significant role in the destruction of the American dream. Constance M. Ruzich, a teacher at Robert Morris University in Pittsburgh, and A. J. Grant, also a teacher at RMU, state in their essay, “Subprime mortgages are home loans made at higher rates of interest to burrowers who represent higher credit risks and have lower credit scores.” People with subprime mortgages have a difficult time paying their taxes. Predatory lending, or subprime mortgages, has significantly taken part in the downfall of the economy. Ruzich and Grant say, “Ten years ago, few Americans had heard of subprime mortgages or predatory lending, but by 2008, a survey of economists had identified the effects of the mortgage crisis as the number one threat to the U.S. economy, greater than that of terrorism or conflict in the Middle East.” This statement shows how these lendings have affected the economy at a reasonably rapid rate. The economy of the United States has crumbled at a very accelerated rate like a house on fire. It is no longer what it used to be and in only getting…

    • 1266 Words
    • 6 Pages
    Good Essays
  • Powerful Essays

    By a show of hands, how many people are in a financially challenging situation with paying their mortgage? Do you know that you may very well be a victim of predatory lending practices? You may be asking yourself what is predatory lending. Some of us are familiar with the term. For those who are not, I will explain what a predatory lender is and the effect they have had on our communities.…

    • 1472 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    The real estate industry is thriving with approximately sixty-eight percent of all Americans being homeowners. With low interest rates, 1st time home buyer down payment assistance programs, and government funded educational opportunities (i.e. the Home Ownership Center of Greater Cincinnati), the real estate and mortgage lending industries will continue to flourish. However, there are some unethical lending practices that are threatening the housing industry as a whole.…

    • 3069 Words
    • 13 Pages
    Powerful Essays
  • Powerful Essays

    Purpose: To educate first time homebuyers on how to properly plan and prepare for buying a home and what to expect throughout the home buying process.…

    • 2419 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    With hundreds of daily messages produced from financial institutions and mortgage organizations, it is often difficult to separate it all. What is good? What messages have a hidden agenda? Much of the information made available to seniors is beneficial except when true information begins overlapping with myths. The myths will cause seniors to become very weary of reverse mortgages and often question every source from which they receive information. There are many myths floating in the air and it is time to dispel these myths with honesty and facts once and for all.…

    • 834 Words
    • 4 Pages
    Good Essays
  • Better Essays

    Two schools of thought encompass the intervention of government into the national economy. On the one hand there are those who believe that state intervention is not only beneficial but also essential for the creation of a stable economy. However, there too are those who contend that government intervention sub-optimises the economy and the free market should be left to its own devices. The current state of the domestic housing market helps to build a foundation for those who advocate for greater government intervention in the economy. Owning your own home is for many a life-long goal; government intervention has the ability to bring this dream to fruition for those in lower socioeconomic circumstances. A combination of taxation, subsidised mortgage rates and government incentive schemes are the most commonly used tools of intervention into the housing market that are available to interventionist national governments. Opponents of this theory believe that letting the free market regulate the housing sector is the fairest and most effective means of reducing or eliminating government intervention all together. There are, however, ethical issues intertwined with government intervention within the housing market and these issues must be weighed up against the economic and social benefits.…

    • 1232 Words
    • 5 Pages
    Better Essays
  • Powerful Essays

    Bibliography: 1 Asian Development Bank, “The US Housing Market Crisis and Its Aftermath.” Freddie Mac 2009, 16-September: 35.…

    • 1894 Words
    • 8 Pages
    Powerful Essays
  • Powerful Essays

    AD 712 Term Paper

    • 3253 Words
    • 9 Pages

    References: Bond, P., Musto, D.K., & Yilmaz, B. (2009). Predatory mortgage lending. Journal of Financial…

    • 3253 Words
    • 9 Pages
    Powerful Essays
  • Better Essays

    The mortgage crisis in the United States over the past few years has been a very traumatic experience for many people. During the mortgage crisis, many lenders were not following the normal government guidelines for issuing mortgages. These include…

    • 1665 Words
    • 7 Pages
    Better Essays
  • Powerful Essays

    Narrative Essay

    • 1287 Words
    • 6 Pages

    Before we started shopping for our home we both agreed it was important for us to have a mortgage loan preapproval. Although I assumed that obtaining a preapproval would be the most challenging part of purchasing a home, it happened to be the easiest part of the entire process. I was able to be preapproved by my bank over the phone in a matter of minutes pending certain guidelines. Acquiring the preapproval was so easy I was sure the remainder of the process would be effortless. I was startled to learn that I would be faced with many obstacles to overcome in order to complete the process of buying our first home.…

    • 1287 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    Housing Market Crisis

    • 2136 Words
    • 6 Pages

    So essentially this created a monster! Fannie Mae prior to was a government institution and then became a private institution. The large institution is thrown into the lions den were it now has to ensure its shareholders capital gain which in turn forces them to acquire the capability of bending and bowing rules and regulations.…

    • 2136 Words
    • 6 Pages
    Powerful Essays
  • Powerful Essays

    The recent mortgage crisis in the US was unprecedented. It led to a massive clampdown of financial institutions, occasioning one of the worst financial melt-downs the US has ever faced (Jaffe, 2008). Quite naturally, it would be necessary to examine the cause of the crisis in order to draft prophylactic measures that would prevent the same financial disaster in the future. This paper will discuss the events that led to the mortgage crisis.…

    • 1746 Words
    • 7 Pages
    Powerful Essays