Saturday, December 15, 2007
Essay On the Mortgage Debacle
The forgotten victims of the mortgage debacle
The credit crunch and SubPrime debacle left many borrowers, lenders, brokers, bankers and investors scrambling for reconciliation, reform and redemption.
One invisible group of forgotten victims whose fate has been downtrodden and rarely mentioned in media are those who lost there jobs because of the mortgage industry meltdown.
They were not the reckless mortgage industry decision makers who offered exotic products to the unsuspecting public. They were the worker bees who followed orders and performed their jobs according to company policy and procedures which they did not create, develop or dictate.
Those risk makers but not risk takers in their lofty white tower made many hard decisions to eliminate jobs based on lower revenue. From a business model this is a logical and practical decision. But there is always a need to find scapegoats to lay the blame. What would life be without someone else to blame.
Today, there are tens of thousands of unemployed mortgage industry workers. These once scarce and revered jobs are now a dime a dozen. Those without other industry skills are in for a big surprise in seeking new employment. Plus the trickle down effect to family, friends, local, state and national businesses and government is overwhelming. Yes a perfect storm formula to feed those forecasting a foreboding recession.
The mortgage debacle has been a top story for many months and continues to dominate the news almost every day. This egregious topic has even caught the eye of government by passing new related legislation.
Living in Southern California where many of the leading housing related companies are headquartered will affect the economic environment in 2008. Industries like construction, lending, broker, title, escrow, home improvement, furniture, home accessories to name a small group are only the beginning.
This is not the voice of doom and gloom but rather taking advantage of knowledge or facts to help plan the future with a bit of advance notice. How? There are a plethora of articles on the Internet to help families move on with their careers, begin new careers, reduce unnecessary expenses, review financial options, consolidate road trips and much much more.
Take advantage of the myriad of Internet search engines like Google, Yahoo, MSN, Ask, excite, Lycos, etc for gathering and researching information to help make your future well planned, thought out, practical and logical.