do you believe the government is doing enough in relation to the housing epedemic?

Question

i saw on sunrise that more and more homes are being reposessed due to the continue rise in cost of living and the lack of pay rises to keep up with it!! i was shocked!! i personally do not own a house i rent, but i am too scared to b uy a house as i am so afraid of becoming bankrupt or having everything taken from underneath me!! i know that people need to control their finances but when you have children, a house, a car you both work your paying for school and daycare and petrol and car payments and a mortgage.. not too mention food i mean its $3 for a bloody lettuce!!! its scary how quickly we r turning into america!!!

Answer 1

"its scary how quickly we r turning into america!!!"
It's funny how you say that. I just watched a documentary called "Sicko" by Michael Moore. It is sad to see America's health care system is denying its own citizens the health care they need. People with cancer denied treatment by insurance company, it is like the whole system is run by the insurance companies.

In countries such as France, health care is free, no health insurance companies in the middle. Daycare is free, the govt even send you a helper if you're sick or just given birth, to help u with the laundry, cook if required. Thats bloody nice! Doctor making house call within 30mins, and guess what it is FREE!

Australia has certainly got lots to improve on. Healthcare is good for those with concession and also children.

Housing price going up, living costs goin up while wages staying the same. Where is the balance in the equation? Is the govt doing enough? No.

Answer 2

No I don't think they are doing enough to help out right now. 1 in 45 homes in central FL will be going into foreclosure this year with the possibility of to going to 1 in 25. I think they need to come up with some type of "relief loan" to help people who were suckered into the neg. armt loans and other types of sub-prime loans. Give them a short term (2 to 5 yr) low interest loan to help them get out of the loans that they are currently in. Homeowners in this program would not be allowed to refi or take out a HELOC within that time period. If they do, they're out of the program and would not be allowed to reapply for 5 more years. If they sell the home, the gov't gets their money back early, no biggie. After the end of the "relief" time, only lenders who meet a strict list of standards would be allowed to write the new loans.

I think that would be a good way of weeding out a lot of the unethical mortgage companies out there.

Answer 3

if you are in other country, I would believe that housing is a bit different from US. I believe that government has nothing to do with housing chaos. Only a little part of government power is involve but just that. When you mentioned"bloody lettuce" my guess is you are out of US. It is also expensive here - a bag of lettuce is almost the same as your $3.00 over there. My concern is the gasoline. It is too high - it is scarry to start the car and go somewhere. $3.00/gallon

Answer 4

There is no 'housing epidemic'. The greater number of current foreclosures is due to simple bad financial decisions on the part of borrowers. Most in foreclosure bought homes with mortgage arrangements which were not stable fixed monthly payments, and they found they could not afford the payments.

Lenders were partly responsible for making such loans available to less than able borrowers, and borrowers themselves are also responsible for engaging in such loans.

It will eventually 'shake out', with the less than able being back to renting, and the financially able will keep their houses.

Our government is still there to help those truly in need, However, it's not going to help fix 'stupid'.

Answer 5

The reasons for many repossessed homes are bad financial management. Buying too much on credit and non essential items. Simply by writing down all expenses you can see where to the money is going.