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The foreclosure climate has vitiated the real estate market making it difficult to buy a house; assistance is required. Buyers and sellers are both facing financial complications.
The housing rescue operation seems to have come to a cul-de-sac with no exit route in the face of securitization of mortgages. The solution then lies in saving foreclosures that are swimming in this pool of mortgages that have been cut up and sold to investors across the globe.
Foreclosures are leading to a hike in the demand for food stamps. The poverty of America is being symbolized by these. A record breaking number of 28 million Americans are now totally dependent on food stamps. This is a sure sign that mighty America is facing a grave economic catastrophe.
Help for foreclosure victims is not only badly but also quickly needed. Immediate money should pour in to solve the problem of vacant foreclosure homes that have become eyesores. Baltimore is one of the worst affected regions. Maryland continues to struggle. Obama has come forward with a new plan involving $75 billion that will help about 9 million families from the jaws of foreclosure.
People are no longer taking it lying down and public ire is now preventing foreclosure evictions. Hitherto the victims used to meekly pack their bags and go under the belief that the borrowers were the main cause of the crisis. But now the view has changed and the people are taking a stand.
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