MNCs, Mortgage Defaults, and MayDays

I decided to jump headfirst into the blogosphere, without much consideration to what I'm going to say, what others are going to say about what I'm going to say, or if it will have any impact on those who read my words. You're going to find ramblings-on of my innermost opinions, prophecies, ideals, and emotions, so brace yourself if you decide to follow me.

First, I need to lay down some ground work. About me: I'm 28 years old, I have 2 daughters, I live in a small rural town in Arkansas, and my passion encompasses family, politics, and serving others. I'm a far cry away from living in the Beltway; no glamorous stories about how I arose from the inner city to find the system irreparably broken -- I'm just a person who sees the dire need for common sense to replace the mainstream political engine. (Let's bring back Thomas Paine.)

My career rests in the mortgage industry, one that has been hit hardest by the economic fallout over the past year. I, like many Americans, stayed glued to the TV during the close of Lehman Brothers last September, wondering if that first catastrophic event painted a picture of an even bleaker domino effect to follow. I've witnessed first hand how tightening regulations passed down from Fannie Mae and Freddie Mac have effected potential homebuyers, and thus, the economy as a whole.

Seems like everyone panicked when the subprime mortgage industry fell apart. It had to happen. When a borrower with no verifiable income or assets (and sometimes jobs) could purchase a home with zero money down, a default on the mortgage is the inevitable end to a 3 year ARM. Americans needed to have an attitude adjustment. Home ownership, while the basis of the American Dream, is NOT a right guaranteed by the Constitution. Rather, home ownership should be a goal that propels us forward, a platform on which to attain other pieces of the American Dream. However, we had realtors, mortgage lenders, and brokers alike who advertised "liars" loans as a right for everyone, without looking toward future consequences. And now, with foreclosures at all time highs, the government is scratching its head, wondering, "what happened?"

Well, I'll tell you what happened. GREED happened. Gone are the days when people actually wanted to have money saved. Here are the days of living paycheck to paycheck. What was once more than enough is now just barely adequate. This method of thinking extends far beyond homebuying. I'm guilty of it, as much as anyone: just look at my collection of heels. It seems as though our government has also diverted back to this "more is more" philosophy. More in the sense that the government is now interfering with billion-dollar MNC bailouts, assistance to each and every cause plausible (including said subprime rescues), and more spending than has been witnessed since Carter.

I am not a heartless human being who thinks losing one's home is punishment for lacking foresight; rather, I think frugality needs to be inserted back into our nation.