Mortgage Crisis
The nationwide mortgage crisis continues to become increasingly worse as the months roll by. Adjustable mortgage rates are rising, which is making it impossible for tens of thousands of people to pay their monthly bill.
Now I just read a news article about how people in what was once a solidly middle-class area in Southern California have pretty much thrown in the towel. They’ve taken their camping gear and set up a tent city with over 200 residents.
A tent city? Like during the Great Depression? Yes.
How horrible is that?
Plus, there are other effects of the mortgage crisis that I never even thought about before. For example, in some neighborhoods where an estimated 60-70 percent of the homes are boarded up, gang members and other criminals are squatting in the vacant houses. This brings down the entire area and endangers the few homeowners left behind. Crime rates are up, as there aren’t enough police officers to handle the load.
I can’t believe how bad things have gotten. It’s high time for the government to step in and provide some sort of relief for struggling homeowners so things don’t get any worse than they already are!
December 23rd, 2007 18:04
The “mortgage crisis” can only be solved by permitting the defaults. When people are relieved of having to face the consequences of their bad decisions, they learn nothing — and will repeat those bad decisions to even more devastating effect.