In 2008, my life changed forever. The devastation in the real estate market hurled direct consequences into my innocent 14 year old life that I never could have fathomed. I remember my father talking to my mother during dinner and telling her that their portfolio took a really big hit, and that they weren’t very liquid. Our family vacation got cancelled. I recall being particularly mad. Each year one of my siblings was allowed to invite a friend to join us on vacation. This was my year. I had no idea how dire the situation really was.
As the months passed on, my self-employed father’s business was turned upside down. Although my father was too proud to say it, aside from a once a quarter gig, he was unemployed. He works in the entertainment industry as a musician. Prior to this time, he had seen a lot of success. He raised six children, and owned a nice big house. As America’s wallets grew thinner, luxury expenses …show more content…
The government intervened, and created new regulations to protect investors. Suddenly, the mortgage lenders and their bankers had much stricter accountability for the loans they issued. Consequences to the lenders and the bankers varied from fines to serving time in prison. In response to this, the mortgage Lenders began tightened lending guidelines. Simply put by my sister: “A client who I could have issued a $500,000 mortgage loan to only one year prior I could only approve for a $200,000 loan today.”
Conclusion
If we do not learn from the mistakes of the past we are doomed to repeat it. I hope the experiences and lessons learned through these tumultuous times will be firmly embedded in our public consciousness. In this way, our actions will reflect constructive approaches to solving problem that may stem from the economy and market forces. In this writer’s opinion, the future looks brighter, possibly better than it has in almost a
As the months passed on, my self-employed father’s business was turned upside down. Although my father was too proud to say it, aside from a once a quarter gig, he was unemployed. He works in the entertainment industry as a musician. Prior to this time, he had seen a lot of success. He raised six children, and owned a nice big house. As America’s wallets grew thinner, luxury expenses …show more content…
The government intervened, and created new regulations to protect investors. Suddenly, the mortgage lenders and their bankers had much stricter accountability for the loans they issued. Consequences to the lenders and the bankers varied from fines to serving time in prison. In response to this, the mortgage Lenders began tightened lending guidelines. Simply put by my sister: “A client who I could have issued a $500,000 mortgage loan to only one year prior I could only approve for a $200,000 loan today.”
Conclusion
If we do not learn from the mistakes of the past we are doomed to repeat it. I hope the experiences and lessons learned through these tumultuous times will be firmly embedded in our public consciousness. In this way, our actions will reflect constructive approaches to solving problem that may stem from the economy and market forces. In this writer’s opinion, the future looks brighter, possibly better than it has in almost a