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Essay / Research Paper Abstract
This 5 page paper discusses the ways in which Cook County Illinois and Clark County Nevada are handling the foreclosure crisis. Bibliography lists 5 sources.
Page Count:
5 pages (~225 words per page)
File: KV32_HVcooclk.rtf
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Unformatted sample text from the term paper:
Cook County, Illinois, are handling the crisis. Discussion It appears that both counties are making efforts to mitigate the crisis for their residents, but they appear to be taking different
approaches. Turning first to Illinois, a press release from the Cook County Board notes that the county has been working with the Neighborhood Assistance Corporation of America (NACA) since September
2008 to "restructure homeowners mortgages and lower their interest rates and monthly payments" (Geovanis, 2009). Additionally, Board President Todd Stroger, with the support of NACA, "obtained passage of a resolution
that barred banks and lenders, who were not restructuring homeowner mortgages, from doing business with Cook County government" (Geovanis, 2009). From July 24-27, 2009, a "free same day permanent
mortgage solution" event, co-convened by the Cook County Board and NACA, was held in Chicago (Geovanis, 2009). The event brought "mortgage lenders and servicers on-site to restructure homeowner loans in
order to prevent home foreclosures" by working directly with homeowners threatened with losing their homes (Geovanis, 2009). The event was designed specifically to reach people who were struggling with mortgage
payments; who were already in foreclosure; who faced foreclosure or eviction; or whose mortgage rate was "simply too high" (Geovanis, 2009). Most of those attending the event, according to the
release, will "receive an approved restructuring plan" (Geovanis, 2009). The event will give homeowners the opportunity to seek "on the spot relief" by submitting restructuring plans "directly to their lenders
and loan services" (Geovanis, 2009). The event is promising in that "NACA has been successful in winning unprecedented legal agreements with Bank of America; Wells Fargo; Citigroup; American Home Mortgage;
Chase; Saxon Mortgage; and others to reduce interest rates" (Geovanis, 2009). Cook County Board President Todd Stroger said he felt it was the responsibility of the elected officials to provide
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