To ensure that efforts to transform the market achieve the intended goal of stabilizing the market and ensuring continued growth in the market, the managers should conduct seminars, open forums and provide information of homeownership. Such initiatives from the managers could be utilized in ensuring that misunderstanding and misrepresentation of facts on mortgage related issues is avoided hence reduction of liability and realtor. Stricter lender requirements can be implemented for example requesting for reserve money set aside in case of future unemployment that will reduce the lenders foreclosed (Kratovil and Werner 2010).
Initiatives from the Managers in the Mortgage Industry in the US
Proper market transformation programs also need to be implemented in order to ensure that the industries’ already tainted image is made to be favourable to people. This could be done through proper planning and organization among the top managers and other stakeholders in the industries. The leadership of the mortgage industry should be very ambitious so as to ensure that the management plans fully reflect the entire global needs for people to acquire homes through more transparent, efficient, and properly organized marketing strategies. Better methodologies to raise funds should be employed by the leadership in the industry in order to ensure that the resources needed to rebuild the mortgage industry’s damaged image and business networks. The leadership should emphasis on more transparent, less bureaucratic, more efficient and cost effective way of giving mortgage packages to people. Stimulus packages from the government could also be requested in order for the company’s management to use them in catering for the debts that already exist. Such assistance would provide a better startup platform for the management of the industry to fully concentrate on efforts to ensure that more cost effective and efficient marketing methods in the mortgage industry are put into practice (Shanker 2008).
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