Foreclosure crisis is not over in the United States. The chair of NAACP New York State Conference economic development says foreclosure is an epidemic for people of color.
CBS News reports almost 7 years that passed since the Great recession ended. In order for the community to recover the Obama administration also enforced several programs to help out homeowners who are under threat of foreclosure. This includes those people who are also struggling with their monthly mortgage payments.
However, report says that people are questioning as to how well have these anti-foreclosure programs worked? This may depend on whom you're asking and where they live. It is noted at the height of financial crisis in 2008, the U.S federal banking system had also been provided by a back-stop, which was the federal's top priority. It has been known that "out of the $475 billion that Congress authorized for the Troubled Asset Relief Program (TARP), $46 billion was supposed to help millions of struggling families to avoid foreclosure."
These anti-foreclosure programs are not as easy as it sounds. There are some controversies that wrap around it. Speaking of which, Goldman Sachs (GS), which was entangled with the 2008 mortgage scandal, has recently agreed "to pay $5.1 billion to settle claims." Report says that GS was "the latest big Wall Street bank that reached a deal with the U.S government." Now with the recent update of the settlement, it brings to mind that $1.8 billion is supposed to be appropriated for "programs to help homeowners who are still trying to fend off foreclosure."
On different news, Frost Illustrated says foreclosure crisis lingers in the colored community. It is noted that with what is happening right now at Prince George's County, Maryland concerning foreclosure, it only reflects that "affluence is no antidote to foreclosure."
It is a fact that, "one of the United States' wealthiest majority-black jurisdictions" is located in Prince George's county. But then the foreclosure crisis has beaten quite a lot of solidly middle-classed communities. Some of these communities are Perrywood, Marleigh in Bowie, and Fairwood.
According to the chair of NAACP New York State Conference economic development, Garry Anthony Johnson, foreclosures are like "an epidemic" for people of color. He said that it is a disturbing reality that people of color like African-Americans remain "to experience disproportionately high levels of unemployment, poverty and foreclosures."
What can you say about this news? When can the government eliminate the foreclosure crisis? Share your thoughts in the comment box below.