GIMMIE THE SCOOP

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Morals vs Mortgages

August 7, 2009 10:56 am EST

We can all agree that 100 years ago our work ethic and family values were much different from today’s standards. Credit was not freely used until the 1920’s so almost all of the money that was being exchanged was money that people had saved from their small hourly wages. Electricity was not publically accepted and put into all homes until the 1930s and communication was limited to mail carriers and first generation telephones. For these and many other reasons, the families of a small town were very focused on helping their communities prosper.

Many citizens traded services when they did not have money to purchase them. Mothers had a strong role in the developing years of their children lives as well as serving as housewife once her husband returned from his job. Communities would meet often as well as celebrate holidays together so that they could recognize their success in progression. Most importantly, many people stuck strong to the morals their parents had passed down to them.

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Today we live in a world that focuses on growing and contributing to a national and global economy. We have managed to separate from our friends and families in order to focus on ourselves so that we may be able to better satisfy our “wants.” These “wants” ranged from things such as consumer products like purses and electronics, being responsible for managing multiple credit lines as well as agreeing to, and signing for, adjustable rate mortgages. Many feel that greedy bankers are to blame for this separation of family and loss of values while still others believe it was the people who ultimately decided to give into the instant satisfaction of living in a material, debt-filled and crisis-prone world.

The time line displayed above portrays two different families of two different time periods. These families are both looking to own a new home but for two completely different reasons. View the time line and decide for yourself whether it was selfishness among the citizens or the corruption of lending practices on policies such as mortgages, credit, and loan consolidation, to blame for our most recent home mortgage crisis.

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