America is facing a crisis. The cornerstone of our capitalistic economy is being chiseled away by the current foreclosure crisis.

In Texas, families of five are being ripped out of their homes. In California, homeowners are pawning heirlooms to stem foreclosure. In Massachusetts, widows are being put out on the streets. A foreclosure epidemic has wrapped its chains around the beating heart of the American economy and intends to squeeze out every ounce of dignity from American homeowners.

Who will come to the rescue? Who will be able to loosen the grip of the current financial crisis bringing America to its knees?

Well-meaning politicians, judges, mayors, senators, congressmen, and governors have all offered solutions to the problem. Our President has even offered his own slate of solutions to help bridge the gap between problem and solution.

In fact, many of these proposals have received mass amounts of publicity, and been deemed as immediate solutions to the current foreclosure situation. But, upon further examination, a startling truth is revealed.

For example, Sen. Hilary Clinton’s proposals have garnered public attention as being a viable stopgap for homeowners facing foreclosure. But, Sen. Clinton’s main proposal is a mass conversion of many adjustable rate mortgages (ARMs) to fixed-rate conventional loans, which only affects homeowners with ARMs (a small percentage of the home-buying populace). Also, it offers little help to the homeowner that is currently three payments behind and facing foreclosure proceedings because the conversion of those loans would take many months.

Also, Sen. Barack Obama has offered his own proposal. Again, his plan has been highly touted as the most relevant solution by major media outlets. His proposal involves giving money back to the consumer to stimulate economic growth. It sounds wonderful but the current proposal to give every worker and Social Security recipient in America $250 would cost the government $45 billion. And, for some reason, Sen. Obama is not focusing on delinquent homeowners but on consumers in general. This doesn’t help that family of five in Texas with a $700 monthly mortgage payment.

Lastly, and most importantly, we look at President Bush’s plan to stem the foreclosure flood. His plan is to enact a freeze on ARMs to keep the interest rates on those loans from adjusting for “eligible” homeowners. The obvious problem with this plan is that it only affects those homeowners with ARMs and it only affects those homeowners that are “eligible.” Unfortunately, the public is not told by what standards they may become “eligible.”

One must conclude that the government is fighting a public relations battle and not a battle to affect the lives of thousands of helpless homeowners. The government proposals have failed to get to the root of the problem. Homeowners are not receiving help from their own mortgage companies during this time of crisis. That problem is not going to be overcome by the far-reaching government proposals that dominate the headlines of daily newspapers.

We must urge the government to take action and start at the root of the problem. Homeowners need help and the government is not giving it to them. The average homeowner is in need of assistance in getting their mortgage company to take time with them to work out their problems, not a freeze on adjustable rate mortgages.

If you are a homeowner facing foreclosure, please do not be misled by the publicity of these many public relations campaigns. Do not assume that the government is going to assist you in saving your home. Many homeowners across America are coming to the disquieting realization that the problem lies with the mortgage company and the indifference that they have toward the homeowner.

How many more families of 5 will be put out on the street? How many more widows will be forced out of their homes while major media outlets rave about government proposals? The problem lies with mortgage companies apathy and unwillingness to help the homeowners that they so eagerly take money from. Until mortgage companies, government officials, and homeowners realize that, our country is on a course for economic disaster.

Jacob Carroll is a knowledgeable foreclosure professional dedicated to providing a resource for homeowners facing foreclosure. Please visit his blog at:

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