What is the real story of the mortgage crisis?

July 9, 2008

This one short film sums up lot of what I am learning about the Mortgage crisis.

  1. Most of the people in trouble are not New Home Buyers – they are people just like you who needed a new roof etc and refinanced
  2. When people get into trouble, they freeze – feel ashamed and many miss the very short window of time when they could get help
  3. When enough people in your neighborhood lose their homes, you are sunk too

This one blog by a woman trying to get herself out of trouble offers the other key angle. Many of us are so busy that we do not pay enough attention to our finances. We also tend to think that banks and financial organizations would never do anything that was not wise – so in our busy lives we take their trust for granted

My point? That many see the “story” of the mortgage crisis as one of good and evil. The sinners have brought this upon them and they have to learn their lesson. Worse many who are themselves in trouble believe this too and can be too ashamed to seek help in time.

How do you see the crisis? How does it affect you?

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