Blog #4 US Housing Policy

As the statement says “we are economists who think that the economy should serve people, the planet and the future”, seems to be true. Many individuals, let alone families, have gone through struggles such as their home being foreclosed. This, however, does not come as a surprise to a large number of homeowners. During the great recession we saw the various people that lost their homes. An important fact of the reading n housing was “this devastation was triggered by unscrupulous financiers and exacerbated by the government…” (US. Housing Policy). This statement exemplifies that many people relied on the government to help them maintain and keep their homes. However, they realized it wasn’t all that possible.

In such cases like foreclosures, bankers and homeowners come to an agreement where they both are satisfied. As mentioned in the reading some people blame this on the “American dream”. The American dream is not something that is at fault. Instead we should look at this in terms of people taking chances. Now as a result it will be up to those specific people to known if its the right choice they are making based on their finances.

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One response to “Blog #4 US Housing Policy

  1. I happened to have had the luck to work in a project for a bank which was dedicated to the foreclosure on homes and making sure no one was harmed unjustly. A colleague of mine told me something that has till this day stuck with me, he said “These people think banks have an obligation to modify their loans, they feel they have a sense of entitlement. When you sign a loan it is a contract, if you don’t live up to your end then the bank will take your home. That’s how it goes.” I agree with your statements completely, especially that the American Dream is not at fault.

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