Enlight of the fact that there are millions of Americans who have gone through foreclosure and millions more heading into foreclosure, do you really think it will be 7-10 years before they can once again purchase a home? The idea that all of these people will be "punished" by not being homeowners is ridiculous.
Sure there were many who abused the system, which is typical in any money making adventure. They deserve the punishment, but didn't many of these buyer's believe that purchasing a home was a way to make money for their future that perhaps their jobs were not going to provide? Did the idea of security, mixed in with a small dose of wealth, not seem appealing? I think they used to call that the American Dream?
In order to improve the current situation won't the next administration not only provide jobs, but also forgiveness? I believe that we will see the implementation of a Foreclosure Amnesty Program. New programs will be developed to forgive those who have llost their homes. This will make the administration hero's to many voters at a time when hero's are hard to find.
However there will be a cost, because there are no Free Rides anymore. The cost will likely be the burden of those who struggled to maintain their homes and income during the past 5 years. Maybe the banking industry could get involved and give those who have consistently paid their mortgage's a bonus. Perhap's a free months mortgage payment with every 3-5 years good payment history? That may cut into to the bank's yearly bonus...... We wouldn't want them to give up their bonus, that's part of the American Dream right?