Letter to the Editor: Don't Let Families Lose Their Homes
What is being done by our government to help the more than one million families in jeopardy of losing their homes to foreclosure?
The answer seems to be, “very little.” President Bush recently announced measures to help 80,000, or approximately 8%, of these families — provided that they meet certain restrictive conditions. Even if all 80,000 families are able to comply with these conditions, what about the other 920,000 families? Hopefully, the President’s request to Congress to work diligently to analyze the mortgage industry to help all home owners now and in the future will be met shortly.
Our country is suffering. Our friends and neighbors are suffering. It is cheaper to fix the problem now by helping these financially affected, economically depressed people rather than removing them from their homes and placing them in financial ruin. Billions of dollars are being spent by our government elsewhere, yet we can’t even afford to help our own friends and neighbors living here in the United States. This is wrong.
We need to speak to our elected and appointed government officials at every level to help Americans in need. People who obtained adjustable rate loans tied to accelerating interest rates may have been misled by mortgage bankers and brokers. These consumers were only trying to provide a better standard of living for their families, while the mortgage banking and brokerage community profited by offering loans to many buyers who were not financially able to make increased payments. The responsibility belongs to the mortgage bankers and brokers, many of whom have disappeared now that the housing boom is over.
There is still time to make changes to prevent our country from continuing to slip into the posture of a second or third world country. Let us all be resourceful. If we work through the financial industry to encourage the federal government to prepare mortgage programs to help anyone who needs help, we can overcome our present situation. There are already instruments in place to help the less fortune purchase homes in rural and urban renewal areas. Let’s explore these programs and adapt them or create new ones today.
It’s time to support leaders who can restore fiscal responsibility to this nation; and, it’s time to help those less fortunate. We can make our voices heard through phone calls, e-mails, faxes and snail mail to all levels of government. Let’s keep the American dream alive.
Respectfully submitted by one concerned citizen,
S. Robert August
S. Robert August & Company, Inc.