Congratulations to the millions of Americans who had big savings accounts, massive equity in their real estate and great and high paying jobs before the recession. Even more so to the ones who still do!
But, millions of other American homeowners had not achieved such a lofty place financially when the recession hit. Some of them are young and just getting started on wealth-building. Some are less fortunate, less well-connected. Some are in the midst of personal problems such as divorce or death in the family or are sick themselves. Some of these folks are distracted form wealth-building by interests such as church or the environment or helping victims of domestic abuse, etc. Some just have vocational priorities like teaching or preaching, that don’t pay very well.
And, finally, another millions of other American homeowners participated in a horrendous and shameful scam that foolishly, greedily and sometimes fraudulently enabled them to borrow too much money from the banks who borrowed too much from Wall Street who borrowed too much from the world…oh, my!These characters not only used that money to purchase dwellings near and even in “good” neighborhoods way above their class but they had the audacity to actually move their families into them! Wow! Everyone seems to agree that these guys can be dealt with by foreclosure.
Heroes and villains abound in all three groups. I work as a foreclosure consultant so I get across the table and on phone consults with thousands of American homeowners in trouble. The vast majority in all three groups are heroes. Americans just trying to extend our heritage of restlessness and hope for a better life for our families.
I cringe when I hear “industry tools” pander to smug viewers by blasting the members of the financial lower class. I have met just as many housing crisis villains in Manhattan Beach as in Compton. And, I’ve met some real heroes, folks who’ve done everything right and acted sincerely and still got caught in the meltdown…some in LA and some in Palos Verdes Estates.
So, let’s be nice! It’s the bad guys we’re after. Let’s bring criminals to justice but let’s lighten-up on the snootiness factor. And, after all, we all bought homes with the booty. It could have been worse!
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