Foreclosure Crisis Affecting Children
According to a recent report, “The Impact of the Mortgage Crisis on Children\”(http://www.firstfocus.net/pages/3401/) written by Philip Lovell and Julia Isaacs, 2 million American children will be directly affected by the subprime mortgage crisis as the foreclosure crisis swallows up their houses. The report shows that about 504,600 Latino children, 281,200 African American children, and 1.166 million white/other children will be directly affected by this mortgage crisis. The total number is 1.952 million children. These figures are expected to shoot up if the other populations are counted- kids whose parents default of conventional loans and children who are being forced out of their rented houses. It is predicted that these will take place in 2008 and 2009.
As Bruce Lesley correctly said, a lot is heard about how the stock market and nation’s economy is affected by the mortgage crisis but there is little or none heard about how the children are widely affected by the foreclosure crisis. As a result of foreclosures, children not only lose their homes, but they are also deprived access to certain services and their schools. Their physical and mental are also widely affected along with their education.
The above report also shows that the foreclosure often affects a child’s education and health – both physical and mental. Also, the foreclosures give way to certain behavioural problems in children who have been forced out of their neighbourhoods, as positive peer relationships disintegrate. The report finds show that the displaced children’s health is severely affected since their families can no longer pay for services such as health care and health insurance. Besides, they experience a wide range of behavioural problems, becoming more violent. The children forced out of their homes are liable to too much mobility. As a result, only half are likely to be proficient in reading as their peers. Some are held back and they finally drop out of school. The schools are also affected. Many children camp in the classrooms, homeless because of this mortgage crisis.
Lesley correctly pointed out that the federal government seeks to solve this foreclosure crisis by cutting down interest rates and take other suitable actions. But what they also need to do is shift their attention to the children who are getting affected. If no further steps are taken, the children will continue to be affected and this will leave big scars in their lives.
