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| Yes | 52% | 375 votes | Total: 716 votes | |
| No | 48% | 341 votes |
Yes
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Add to FavoritesThe federal government should offer foreclosure bailout relief for struggling homeowners because the government allowed the economy to get out of control. They allowed huge loans to be given to people to buy big houses, big cars, or just an expensive watch. If the government is going to allow a bank to give 50 year loans, surely they are should take some blame, and give some relief.
Is it sometimes the homeowner's fault? Yes it diffidently can be depending on the case in which the homeowner is in. But, on many cases, foreclosures are caused by people buying houses they can't afford by taking huge loans. Not only do people take out huge loans on houses but they do for other reasons as well such as pricey furniture, clothing, or jewelry.
The Federal Government should still allow assistance because many homeowners also, can not get a job no matter how hard they try, and even if they have a job, they might have a taken a big pay cut in order to keep that job and that could be part of the reason they can't pay for that house, big or small.
We should not have to be talking about this situation. The government should not have allowed these loans. In order to prevent ourselves from falling into this place again, we need to learn our lesson with giving out huge loans and allowing the economy to suffer! This can happen by being more conservative with our money.
If we have the option to go out to eat or to eat something at home, safe yourself some money and some unhealthy salt! If you see that watch or that Ipod you wanted, leave it alone! Don't go on vacation yet. Give it a rest, wait for the economy to get better before you enjoy yourself. But be careful; do not let yourself fall back into the trap of huge loans and paying way to much for things that aren't worth half what we pay. Do you really need a big house? Though now is not the time to sell it, think about this in the future.
As our country is taking steps into going green, we are realizing the necessary modernization we need to apply to our daily lives to save the planet, money, and the economy. We are buying smaller, more fuel efficeint cars, and we are using less water and trying to buy smaller things to live with because seriosuly, it's cool now to be economical. So in the end, while the federal government really does need to give out these bailouts, they also need to give out instruction on how to live so we do not fall into this same nonsense that plagues us from getting good pay, or even a job today.
Learn more about this author, Nick Todd.
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No
The federal government should take responsibility in providing certain necessary needs for the citizens of the United States, such as universal health care and free public education, including two years of college, or technical school. Americans have a right to health care and an affordable education for their children. Nearly fifty million people lack health insurance, and millions more either are under insured, or struggle to pay the lofty insurance premiums. Many parents are unable to put aside enough money for their children's college education. State universities and community colleges are underfunded and overcrowded.
It should not be the responsibility of the federal government, however, to provide foreclosure bailout relief to homeowners. Home ownership has been the quintessential American dream for many years, but the decision to purchase a home should be made on the basis of affordability. Many of those who purchased homes during the recent explosion of real estate prices in many areas of the country deliberately sought sub-prime mortgages to qualify for homes they would, otherwise, be unable to afford. As home prices continued to rise, many took the opportunity to obtain second mortgages in order to pay for new cars, expensive vacations, and home improvements. Some even used that money to purchase other properties for investments as rental properties.
They did not foresee the bursting of the real estate bubble. Some home values have plummeted by more than half since last year. These homeowners are also burdened with greatly increased mortgage payments on their adjustable rate mortgages. They can't re-finance, because their homes have depreciated in value to the point at which they have negative equity. As a result, many have lost their properties to foreclosure. Other innocent victims are those who faithfully paid rent to live in some of the investment properties lost to foreclosure. Many were forced to move on short notice; losing their security deposits in the process because their leases were no longer valid.
Those of us who have chosen to live in homes we can afford should not be expected to foot the bill for those who had chosen to live beyond their means. Some of the fault lies with those mortgage companies that issued sub-prime, adjustable loans to prospective homeowners with either questionable credit, or insufficient income. The rest of the blame lies with those homeowners who knowingly agreed to sign off on mortgages that would reset to rates they would be unable to pay.
Learn more about this author, Leslie Schwab.
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