The housing bubble and credit crisis not caused by the poor – Part 5

Sunday, January 24th, 2010 at 5:46 am

The housing bubble and credit crisis is not caused by the poor only. The rich and the wealthy and well off are more responsible for it. Many people buy homes to supplement their income. Usually they buy a home at a very low price, and fix it if it has a broken roof or it needs new paint or carpeting and then sell it for twice the price it is worth. But the recession has made these things difficult for them, and harder for the poor. The poor people are in the real need of the money and the rich just need to supplement their income. It is hard to get the loan from the bank when the markets are downpouring, so it is hard for the poor to continue living in their houses but it’s easy for the rich to eave their foreclosed home which they bought to fix it and then sell it for a better price. So, it is not the poor to blame for the housing bubble and credit crisis. In fact, the poor is the innocent victim of this disaster, and needs his or her voice to be heard that they are the ones who should get the loans from the bank at a lower interest rate so that they can continue to live even in the hardest times, and they should get the preference over the wealthy who are getting loans for buying the foreclosed homes for their side business and they don’t intend to live in it anyway. Abondoning a foreclosed home is easy for the rich, but for a poor it is a disaster to let their homes face a foreclosure. It is hard to speculate this problem in wealthier states like California but is easily glimpsed in poor states like the Mississipi. There are people of all ethenic and economic backgrounds living all over the United States. Because of the recession and downpouring of the economy mnay big companies have laid off their workers, so the middle class has suffered a lot. They face a very severe financial crisis and are forced to leave their homes and move in apartments or condominiumins. The poor don’t have any such intensions as buying a house for making money. They work hard for the money and owning a house is their dream which ofcousre is over when the house is gone, but for the rich it is just not doing a side business for sometime for they have another home somewhere else anyway, and they abondon their foreclosed home, to be owned by the bank and it gives a very bad look in the neighborhood. So when their is a downpouring in the economy the poor people are the hardest hit and are blamed the most, when they should be helped by the rich and the goverment agencies to get loans and financial aids so they don’t loose their assests and be a good part of the community even in the worst times.

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