Sunday, December 22, 2019

Essay on The American Dream to the American Nightmare

Today’s real estate market is one of uncertainty and instability. As property values continue to drop and foreclosures lead to the depreciation of more and more neighborhoods, the true bottom of the housing market is still a guessing game. The subprime mortgage collapse has taken its toll on home owners, investment groups, financial institutions, and the economy as a whole. The once thriving market that saw the construction of 2,068,000 new homes in 2005 alone has since imploded (Utt 2008). Until the foreclosures and short sales that saturate America’s neighborhoods are gone, there is no chance for any home to regain its value. It is estimated that 9 million â€Å"upside down† homeowners continue to struggle to pay for houses that they owe†¦show more content†¦These flags along with creditors failing to verify employment, level of income, and predatory loans greatly contributed to the extremely high foreclosure rate. There was a wide range of predatory loans offered over the course of the housing bubble. A couple particular types that were popular with lenders and borrowers was the adjustable interest mortgage (ARM) and the interest only (I-O) loans (Housing 2007). The adjustable rate mortgage loan was extremely appealing to borrowers due to the low introductory interest rate (Housing 2007). These ARM loans were a convenience for investors looking to get in and get out. The low introductory rate kept payments at a minimum while people could get in make upgrades and â€Å"flip† the property. The downfall to this type of loan came to those who could not sell or were looking to keep the property. Once the loan hit a particular day usually the two year mark the interest rate would fluctuate upward and make the payment unaffordable for many. This type of loan greatly contributed to the subprime foreclosure numbers totaling 1.65 million from November 2008 to February 2009 (Squires 2010). Another option offered by lenders was the interestShow MoreRelatedThe Nightmare Of The American Dream1538 Words   |  7 PagesThe Nightmare of the American Dream. Introduction The future of work is a topic that many people don’t take the time to actually analyze and question as to what it will be like when the future actually comes. The films Wage Crisis by Michael Maher; Park Avenue: Money, Power and the American Dream: Why Poverty? by Alex Gibney; and The Secret of Oz by Ben Still, are some of the films that highlight the future of work and the how the wages and the economy are really affecting those who are looking forRead MoreIs The American Dream Creating An American Nightmare?1381 Words   |  6 PagesIs The American Dream Creating an American Nightmare? Children are told from an early age that they can become anything they want to be, and people flock in droves to the United States, â€Å"The Land of Opportunities† to achieve this American Dream. Author, James T. 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The opposite seems true for those characters of Dick and Perry who fail to exhibit virtuous behaviors and therefore, never attain financial stability. These characters embody the â€Å"American nightmare.† Capote argues in his story that tragedy is not confined to the

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