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The mortgage crisis is one of the most heartbreaking events I have ever witnessed.

  • Dec 17, 2008
  • by
I feel that the mortgage crisis is a cruel, unnecessary, and stressful event for many people in the United States. Innocent people, suffering from job losses and other circumstances beyond their control, are being punished with the loss of their houses due to the inability to pay the mortgage. These circumstances tend to not be their fault, yet they suffer the consequences anyway. It is so unfair, and it makes me sick to think that it just keeps getting worse. If the mortgage crisis is to be solved, jobs should be created quickly, and perhaps there should be more moratoriums on foreclosures to give people a better chance of catching up on their payments or improving their financial situations. Moreover, more of the so-called bailout money should be given to the middle class people and less of it should go to banks and businesses. That way, people would become more likely to pay for necessary things like food and clothing, and spend more money to help improve our economy.

The rating that I give is because the government seems to be way too slow when it comes to helping out ordinary people. We've had the September 11th attacks, an unnecessary war in Iraq that has resulted in an equally unnecessary loss of young American lives, Hurricane Katrina and the lack of aide for its victims, and now a financial crisis that threatens to be the worst since the Great Depression. These could have been prevented, or at least made so that they would not quite be so severe, if the government had spent less time focusing on its needs, and more time heeding to the needs of the people. Looking back, these last eight years seemed like the US and its people have been dying a slow, painful death under the Bush administration. I am hopeful that, when Barack Obama takes over next year, the financial crisis will eventually be solved, even if it still takes a long time. In the process, I pray that the US government will once again be for the people, and thus it will be run at a more professional level. The only way that my rating would change is if the mortgage crisis was either handled better or did not exist in the first place. My hope is that, when and if it finally passes, nothing like it will ever happen again.

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review by . December 13, 2008
Speaking from the point of a view of a 20 something gal who just graduated from college and has yet work at a full time job in California yet....this mortgage crisis is only one of about 5 things in the economy that is not on my side whatsoever.    I'm not saying that I wish I had graduated earlier and been able to buy a house already because I wouldn't want to be in the position of possibly having my house foreclosed.. but I feel at the same time I wouldn't have gone into purchasing …
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The subprime mortgage crisis is an ongoing financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial system.

Many USA mortgages issued in recent years are subprime, meaning that little or no downpayment was made, and that they were issued to households with low incomes and assets, and with troubled credit histories. When USA house prices began to decline in 2006-07, mortgage delinquencies soared, and securities backed with subprime mortgages, widely held by financial firms, lost most of their value. The result has been a large decline in the capital of many banks and USA government sponsored enterprises, tightening credit around the world.

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