Villains And Heroes In Housing Crisis

Millions of American homeowners had tons of savings, boatloads of equity in real estate and a great high-paying job before the recession and nothing has changed (except their home equity has slipped a bit). This message is for them – congratulations.

Another millions of other American homeowners had not reached such financial heights before the housing market meltdown. Some of them are young, just getting started on wealth-building. Others are less fortunate or not as well-connected. Some are in the midst of personal calamity like a divorce, death in the family or are really sick themselves. Others are working in causes that distract them from wealth-building…things like church, the environment, helping the homeless, AA, etc. And, some just have vocational priorities like teaching or preaching or other fields that don’t pay well.

Then there’s the millions of other American homeowners who foolishly believed that they could have it all – they participated in the scam that foolishly, greedily and sometimes fraudulently lenabled them to buy and occupy homes way above theri means. Their kids even went to schools in these better neighborhoods. Shocking, no? Unfortunately, no one is showing much sympaty to these folks.

Both heroes and villains abound in all three groups. My work in foreclosure-related consulting has put me across the dinner table and on phone lines with thousands of American homeowners in trouble. And, the vast majority of homeowners in all three groups are heroesAmericans 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 keep after bad guys as we clean up this housing mess. But, let’s be nice. After all, even the villains in this story bought homes with the booty. It’s not like they – well, you know lots of bad things that you can do with ill-gotten gains.

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