There is a lot of uproar over the real estate market right now.Â The lenders are worried because of the rising number of homes going into foreclosure.Â The borrowers are panicked because the interest rates are creeping up on loans they already can’t really afford.Â Every one seems to think the government should step in and fix the situation.
What kind of country are we becoming?
In the late 70’s, early 80’s, the interest rates really rose.Â People found themselves in mortgages with 20% rates (For the record, that’s way higher than what anyone is facing now).Â I can remember my dad getting up at the crack of dawn to go to the local shop and make donuts.Â He did what he had to do to get it done.
When my husband and I both found ourselves unemployed, we didn’t call the governor and ask him what he was going to do.Â My husband started mowing lawns and doing landscaping, and I helped out as much as can be expected with two small children in tow.Â We did what we had to do to get it done.
There is some room in my heart for compassion.Â I know that a lot of the people out there are in trouble because the evil lenders got them to borrow more than they can afford (not sure how all those credit cards got in their wallets, but that’s another story).Â At the same time the lenders are the pitiful bystanders because they were just trying to help people get a leg up.Â Hey – I got an idea – why don’t the lenders and borrowers get together and work something out.
All hope for this great nation is not lost.Â In this house, the children already understand the importance of paying for what you want as you go and my oldest son goes so far as to call credit evil.Â They are learning how to save, to share, to give, and to work hard for the money.Â I know that we are not the only family who are growing up financial savvy children.
Should the government help out the people who are in over there heads (be it the lenders or the borrowers)?Â The president says no, and I have to support his decision.Â It will be interesting to see if that stance holds true for the long haul.