From the moment the US housing market came plunging downwards, it was very evident that this is one problem that will strike to the core. And strike it did the millions of homeowners holding on to one of the greatest American dreams of owning a house. Up to now, affected people are still trying to make sense of what really went wrong along the way towards their dream.
Millions of homeowners are facing the reality of owing more than the worth of their home. It is every borrower’s nightmare - coming up month after month with the amortization payment for something which no longer promises the security that borrowers had hoped for. It was like a dagger digging deeper and deeper to an already festering wound. Many have been wrongfully deprived of their homes due to foreclosure including responsible homeowners caught in the middle of the debacle.
US President Obama recently came up with an announcement which is supposed to offer relief to homeowners. Under the plan, homeowners will be allowed to refinance their homes with substantial fee reduction in addition to lower interest rates. The fact however that it was announced during an election period gives rise to certain doubts and apprehension with regards to its motives and actual realization.
Politics aside, there should really be something that has to be done to ease the burden of affected homeowners. We live our lives hoping to accomplish the most basic dreams we have like having the security to live in a house that we have worked hard for. No amount of economic and political explanation can appease the pain of losing a home. This sort of thing is what robs people of hope and belief that further exacerbates what is already a difficult situation. In the words of President Obama himself, we cannot sit by waiting for the housing market to hit bottom. This is hoping that the offered debt relief is real enough to be actually felt by those who need it.
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