I just pulled this off another blog. It's long, but it contains information about the realities of foreclosure that I was completely ignorant of.
This is disturbing on many levels - the devastating social implications of people (Families. Kids.) losing their homes; the environmental hit that our landfills are taking; the financial gut punch felt by those who are now paying double what their house is really worth.
I think the most painful part of the piece is when they show the family photos that were left behind, then casually remark that most people in this situation are so depressed that they just don't care anymore what they leave behind. Depression and discouragement make people easy targets for satan. He can easily make drugs, alcohol, infidelity and crime all seem like an appealing way out of their misery.
2 comments:
I saw this on Andrew Sullivan's blog the other day; are you reading along there, too?
The foreclosure mess is just that -- a big mess. I think there are some well-meaning, more-or-less innocent people who have lost out. At the same time, I was blown away to see the number of multi-million dollar homes in SoCal that had been "purchased" with ZERO down. Silly me, I assumed you needed to put at least 40% down in such situations.
There were a lot of local scams being run, trust me. [Or check out the Irvine Housing Blog and Calculated Risk if you would rather see for yourself. :-) ] There was a lot of individual greed. Then you have the bank greed -- see the story I linked to on my blog today, about Lehman. It's too bad for the children, who lose both now and down the road.
Heartbreaking! It depressed me just to watch it, I can't image how the people who are going through this must feel.
It shocks me to hear how easy it was for people to get a mortgage, how the regulations just got looser and looser until anyone and their dog could get a home loan. As sorry as I feel for people who are losing their homes, I also feel that if people weren't so eager to live beyond their means, a lot of this wouldn't be happening.
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