...Yang Vang ECO 204 The Cause of the Economic Crisis of 2008 Two thousand eight found the American economy in turmoil. The housing market made a dramatic incline which caused an increase in foreclosures. The major investment banks took a huge fall and the stock markets fare no better either. These were events that leaded up to the economic crisis of 2008. There were three major government incentives that were implemented; the Housing and Urban Development policy, Reinvestment Act, and the Federal’s low interest rate policy. These were the incentives that the government provided that ultimately caused the economic crisis of 2008. During the mid-1900s the government set up regulations to help Americans own homes and this made it possible for lenders to lend money to everyone, regardless of income. This was the American dream that people work so hard for. So when it was made possible by the government regulations, there was no stopping Americans from jumping on that wagon. The home owing process was made possible by HUD (Department of Housing and Urban Development) regulations that required lenders like Fannie Mae and Freddie Mac to accept loans with little or no interest down (Pozen, 2010, p. 28). The loans held by Freddie Mac and Fannie Mae went from 25% in 1990 to 45% in 2001 (Gwartney et al., 2008, pg. 481). They owe about half of the United States’ mortgage markets. Then there was the Reinvestment Act that reduced the conventional lending standards to meet the requirement...
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...is the need for an annual delivery of about 150,000 units for the next 20 years. GREDA PROBLEM DEFINITION The rate of construction of homes for a number of reasons has fallen behind the growth of population in general and the number of people entering the working class. This has created a big deficit in the country's housing delivery system, particularly in the urban centers. Needs assessment survey conducted in the housing sector in the 2000's was conclusive that the ideal housing properties on high demand are 2-4 bedroom houses in view of the large family size they tend to have. The trend in population growth coupled with the rising cost of building materials has shot up the prices of houses and rent chargeable is exorbitant. The size of the market for residential properties is large as it covers Ghanaian national's resident abroad. The general consensus is that the houses constructed are of poor quality and the finishing fall short of the dream houses that potential homeowners are looking for. Lack of low-income housing compared to demand, the absence of private sector participation, and deficiencies in financing arrangements have made it difficult for ordinary Ghanaians to access affordable housing. PROJECT JUSTIFICATION This Project would seek to clear the deficit created by evolving a comprehensive scheme to provide affordable homes at reasonable prices under...
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...Online College Education: An Alternative to the Traditional Everybody dreams of landing their ideal job, but to accomplish that, they will need a college education. In the past, there was only one choice when it came to a college education. Students had to go to a college campus, and work their life around the school’s schedule. Over the years, things have changed for people wanting to get a degree. People can still attend a traditional college, but now, with the help of technology, they can attend college online. Online college is the better choice over a traditional college for receiving an education because of convenience, flexibility, college experience and affordability. When prospective students decide to go to college, whether they are what the schools considers a true freshman (someone fresh out of high school), or they are an older person wanting to continue their education, they need to look and see if college will fit into their lives. Most people nowadays have to work to support themselves, and lead very busy lives. With online college, they have the convenience and flexibility to work college into their busy schedule. Unlike a traditional college, where they would have a set class schedule, online lets them work whenever they have the time. Now do not be mistaken, they have to set time aside daily to study and do classwork, but they are able to do it around their schedule, not the school’s. Online students also have the convenience of accessing...
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...Unlike many of the condos in the area, this property offers surprisingly affordable prices. First-time buyers and investors can easily discover properties available for less than $200,000. Residents can stop renting and start living life for an affordable price. As an added benefit, this property offers fairly low condo fees. From comfortable amenities to a desirable location, these condos include everything residents need to enjoy their new home. Amenities at the Condominium Located at 4 Hallmark Drive, this condo community is filled with modern conveniences. Within these units, residents will find gorgeous cork floors. This type of flooring is known for its beauty, but it is...
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...brighter future to come, the American Dream. The hope in this country is to leave your children or family with more than you had when you were...
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...property management services, mortgage programs, and offering classes in credit counseling. The short-term goals will be directly applicable to the long-term goals. In order to meet the needs of the clients, the credit counseling and property management business will change from being a long-term goal to a short-term goal. Clients with imperfect credit (or no credit) need help in obtaining a home mortgage loan. The client might have enough salary to cover the monthly expenses, however, a low Fair Isaac Corporation (FICO) score can cause a loan to be declined. In order for a customer to be pre-qualified, their credit history must be evaluated and old "collections" paid. Proof of payment is sent to three credit bureaus (Equifax, TransUnion, and Experian). If, for some reason, the clients cannot be pre-qualified, they might need the services of a property management services (renting, or leasing) until the credit score is sufficient enough to qualify for a home mortgage loan. The research question: “Are people with low to moderate income able to afford environmentally friendly homes”, will be broken down into several subsets of the question. Several hypothesis or assumptions will take need further information in order to come up with the correct hypothesis. "In other words, you look for data that will support one of your hypotheses and enable you to reject others" (Leedy...
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...The Healthcare Plight of the Hispanic Population in the United States Joanne Cortez Grand Canyon University March 13, 2016 The Healthcare Plight of the Hispanic Population in the United States Disparities in healthcare for Hispanic communities in the United States remains an alarming trend. Social and political inequities bare much of the responsibility of this humanitarian and economic crisis of healthcare. The burden of poverty, prejudice, racial discrimination, immigration status, language barrier, and lack of education are not easily solved and will continue until greater understanding of the complexities of Hispanic communities are better understood. With greater knowledge of the diverseness of this group and the application of social programs and awareness driven by stakeholders and Hispanic consumers of health, will divides be bridged and progress towards a healthier population be realized. This discussion will shed light on the rise of the Hispanic population and the continued barriers to equitable healthcare fostered by social and political disparities. This document will also outline an up and coming group with a potential for political leverage and a brighter future enabling future generations of Hispanics access to all levels of primary, secondary and tertiary care. Population and health status of Hispanics The Pew Research Center compiled findings from the U.S. Census Bureau’s 2011 American...
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...A home of your own house is the typical American Dream. Who in this county wasn’t raised in the environment that taught us, owning your own home is a desired goal and solid investment for the future. From late 2001 through early 2004, the housing market was busting record rates in sales and the fast growth made housing prices soar to record highs. For example, the value of a home bought in late 2001, for a price of $290K, could well have the retail value of $340K by the middle of 2002, and by the following year could near double in value to an astonishing $460K or more. These out of the norm home values were driving people to suddenly sell their homes they had owned for years at double the original value, and make a nice profit to reinvest that money into a “dream home”. This also caused a swell of first time buyers to feel the need to quickly get in on the boom before it was impossible to own a home due to the price. The Fed Reserve set the stage for this boom and made this time frame an “anything goes” for the banking and investment community. In the late 1990’s through the early 2000’s, the U.S. economy was facing a mini recession and the tech industry’s dot com bubble popped; leaving Wall Street and it’s investors in a short fall. The Federal Reserve lowered interest rates to an all-time low, that hadn’t been seen in over forty years. Investment companies and banks were looking to get a higher return on their money and capital investments. Over the course of time, the Fed...
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...Countrywide / Bank of America Countrywide used to be one of the major mortgage companies in the United States until the housing market started to fall. They had so much bad loans that executives were about to closed the doors, until Bank of America came to the rescues and purchase the company. This was the beginning of the nightmare that was soon to make the evening news. The American people were soon to find out about all the creative loans that were approved to unsuspecting customers who were soon to lose their homes. This was the beginning of the end for Countrywide and a turbulent time for Bank of America which is still going on today. Defining and Analyze To define all the issues that created the downfall of Countrywide, we first need to look at the history of the company. The company was created by Angelo R. Mozilo and David Loeb about forty years ago. The partners were able to grow the company into a $500 billion home loan company and assets of $200 billion (The New York Times 2011). To be one of the major mortgage companies, they took many risks to ensure that their customers could live the America dream of owning a house. There have been many issues that led to the downfall of Countrywide. Greed would have to be high on the list. They approved loans that many other companies would not. Part of the problem happened during the crazy housing bubble that enables almost anyone to be approved for a mortgage. Gone were the days of qualifying for a mortgage by providing...
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...count – 831 All about Home Insurance Home is where the heart stays. In the world of inflation and recession, owning a dream house becomes next to impossible, but the financial institutions lend a helping hand in providing the required loan to acquire the property. With many difficulties after relentless survey, the loan approval process, credit score clearance, the much awaited home comes to hand. Now, this home contains the hard earned money, precious possessions and immense memories. It becomes important to save the home from various calamities by insuring appropriately. An insurance cover for the home alone is not adequate; instead an accurate home insurance which covers all the possible liabilities is required. Very few Indians are aware of the home insurance policy that covers fire disasters and other hazards. Unfortunately, the majority of the home owners are ignorant of the benefits. Approximations of the National Disaster Management Authority, according to which about 60% of the Indian land mass, are prone to earthquakes, while 8% of the country is vulnerable to cyclones and especially Southeast Asia is more susceptible to disasters. Advantages: The benefits of home insurance are immense. - Can be applied and obtained online. Home insurance is easy to apply either online or at the nearest branch office. Applying online reduces the hassle of visiting the bank, thus reduces the time. - Comes at an affordable premium package which can...
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...I start as a junior have been granted admission for fall semester of 2014. My educational aspirations consist of acquiring a bachelor’s degree in the area of health science that would assist me in pursuing a medical career as a nurse. On the other hand, my career vision is to become a nurse anesthetist by obtaining a CRNA certification that requires also my completing a master’s degree in an accredited anesthesia program on top of having to complete a minimum of 2 years as a licensed RN beside nurse. This will enable me to organize and provide affordable health care to marginalized communities in the United States as well in 3rd World countries. . However, I am certain that if I do not complete my college degree I could never have the opportunity to achieve my career goals. After graduating from high school, I became certain that if I wanted to pursue a higher education but tough family situations and lack of financial support I was not able to pursue that. My father was the only earning member and being the oldest child I had to assist him in providing for my family and also supporting my sibling’s educational fees and needs. Immaterial of my age, I was persistent and determined to achieve my career aspirations. However, I would not be at this level without the support of my family. Being a husband and a father of three children, and a first generation college student the income is hardly sufficient to sustain living expenses. My daughter is currently pursuing her college...
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...Anyone can look up the definition of Technology in Merriam-Webster’s dictionary and see that it is a practical application of knowledge in a particular area and a capability given by it, we can look all around us and see how this has manifested itself in the real world. It is the way that life for all is made easier and for this generation, “tolerable”. Technology is an advanced art that has been around for centuries with the most advancement in the recent decades, with television, phones and computers being the simplest and common of these. It is a gain for all, young and old have reaped the benefits of the advancement of technology, surrounded by it day to day. Portable music on IPods, the ability to check emails, text and even streaming video on the go all made possible because of the recent expansion of technology, it is inevitable. Smoke signals, telegraphs, and snail mail are all a thing of the past. Today, we communicate via email, texting, and social networks, all this from the palm of our hand. The advancement of the wireless phone has allowed this to be so. More than fifteen years ago, phones still had to have some type of wire connection and now with the evolution of cell phone technology, we can easily keep in touch with those that are across the room or thousands of miles away. It is a tremendous improvement of our ability to share news with others. Breaking news stories are made available to us in seconds after they happen and can be reported to the general public...
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...Insurance for All: A Dream Come True Medical coverage in Africa is very low. Worst still, the underprivileged are excluded even from this very low coverage. For our dream to transform Africa into an island of prosperity to become reality, a number of initiatives such as providing medical coverage for the poor are necessary. This can be possible through the MC²s, which are actually rural development micro-banks whose mission is to drive the economic growth of the underprivileged, and because the underlying principle of the MC² approach is the pooling together of a community’s material and intellectual resources to promote its welfare. For the purpose of better understanding it is necessary to define micro-insurance and mutual association. A Mutual Association can be defined as “a not-for-profit-making and non compulsory association of people driven by solidarity and who through their contributions and by their democratic decisions undertake provident funding and mutual help to cover themselves against social risk.” Micro-insurance is a form of insurance requiring very low premiums from subscribers and whose objective is the optimum satisfaction of personal needs. Principles of A Mutual Association To achieve our objective to provide medical coverage to low and very low income people, we rely on the principle of collecting small amounts from every community member to ensure optimum satisfaction for the individual and the community as a whole...
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...Markets. Such greed maligned the financial markets causing eventual bailouts and measures that the US Federal Government employed to avert a major financial depression. This paper will discuss definite recommendations that will improve the US Housing Market. CLEAN UP THE HOUSE 3 Clean Up the House: An Analysis of the Housing Crisis and the Endeavor to Lift the US Housing Market In today’s world it is generally accepted that a home is the most expensive thing that any American can buy. The idea of home ownership - a chance to own a home - is a dream fulfilled for many. To have a piece of property and call it your own is reflected in the US Constitution, “We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that are among these are Life, Liberty and the pursuit of happiness (Kindig, 1995).” However, in what was meant to be a chance to catch a piece of the American Dream, the Housing Boom of 2001-2005 quickly turned into a...
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...worldview is Christian because it starts with everyone praying for George. George is a troubled man going thru a hard time and an angel named Clarence Odbody comes down to show him how different his life would be if he had never been born. Clarence has to save George so he can obtain his wings. The head angels Franklin and Joseph show Clarence Georges life up till now. George lives in New Bedford, NY. It’s a small town where everyone knows everyone. George’s father owns the Bailey Building and Loan Association. From when George was a child to his adult life the Bailey Building and Loan Association is in danger of going out of business. George Bailey is the type of person who sacrifices his own dreams for those of others. When George was 12 he saved his baby brother Harry after he falls into a frozen pond. He ended up losing his earring after getting a cold from being in the freezing water. George worked at the local pharmacy. He realized that the druggist, Mr. Gower, has just received a telegram saying that his son had died. He was so distraught that he put poison in a pill supposed to be given to a child. George notices this and doesn’t deliver the medicine. The druggist is so mad that he hits George in his bad ear. George then explains to Mr. Gower that he made a mistake. Mr. Gower forgives George. After graduating high school George goes to work at the Bailey Building to save money to go to college. It takes him 4 years and his brother Harry is now graduating from high...
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