Swearing to our Hurt
ByI so promise to get back to the white guys and the NBA, but I came across another article in the New York Times concerning the trend of homeowners walking away from their homes and mortgages. If you remember, I linked to an article a bit back about the same thing.
One of the things I mentioned regarding the other article was the minimal attention paid to the fact that people are failing to keep their word. The same holds true for this article, but the author is a bit clearer about the problem of banks looking to maximize their profit without seeking the good of those who borrow from them.
It seems that because many banks are not willing (or at least do not appear willing) to renegotiate the terms of their agreement with the borrower, many people choose to walk away. Though I agree that banks should do a better job seeking a win/win situation, the folks walking away from their homes and mortgages are still in the wrong for doing so (especially the folks who can afford the payments). They still have a contractual obligation to pay up. And the reality is that they are walking away simply because it seems financially advantageous for them to do so. They are only thinking about themselves.
A verse from Scripture comes to mind. I can’t remember where it is (maybe Proverbs), but it says something about a righteous man ‘swearing to his own hurt.’ That is, keeping his word even if it leads to greater difficulty for himself.
We are desperate for more people who believe in such a thing. In the banks and in the homes. Among lenders and borrowers. It’s not overstating the case to say that for the good of the whole world, we should let our ‘yes’ be yes and our ‘no’, no. Even or especially when it hurts.
3 Comments
January 12th, 2010 at 11:11 am
A few things that stood out to me in this article–
It’s not just homeowners, but larger investors that are walking away, which is doubly troubling to me.
Even if you owe more than your home is worth, you still have a home. Like any investment, there is never a guarantee that you will make money, and there is always the change you will lose. It is sad to think that buyers and sellers fell prey to the idea that a house is a guaranteed investment. Nothing on this Earth is guaranteed.
The walk away attitude is part of a much bigger social problem in this country, and I would say brings to light the problem with laissez faire and capitalism (in its purest sense) economy. The external costs are not personal and therefore easily dismissed by anyone not willing to consider the good of society. This problem is not limited to individuals, and the “profits above all else” mentality reigns on all levels for many people, businesses, and corporations.
Le sigh… I’m reading a Jim Wallis book right now where he said something along the lines of “change the way the wind is blowing, not the wet finger in the air.” How we change the wind is a difficult challenge, but one worth our time and energy, and I think it applies to the way our society treats money as much as any other social-political issue.
January 12th, 2010 at 6:34 pm
With the large investors, you are talking about big time money. Either way, it still seems to be the fundamental issue of a failure to keep your end of an agreement. Failure to let your yes be yes.
I agree with you that the costs are so abstract to most folks that they feel alright walking away. The biblical word, shalom comes to mind. It is translated peace in most english versions, but it means much more than that. It means full and complete human flourishing, in ever sense imaginable. As believers in Christ, we are called to seek Shalom in every sphere. Which means keeping in mind how our actions will affect everyone else. Or in this instance, keeping in mind how our actions will affect everyone else if duplicated by everyone else!
Which Jim Wallis book are you reading by the way? My father-in-law has a few of them.
From a biblical perspective, we are seeking to reverse the effects of the Fall. Because of what Jesus has done, we have hope. Though we know we cannot do it perfectly. He will do so when He returns. Putting it in those terms helps you see what you are up against. But keeping in mind what is to come certainly gives hope and the perseverance required to change the wind.
The key, however, is that we cannot do so alone. That is why a robust theological perspective in such matters is so desperately needed. Without it, I would certainly lack much hope. Or at least, I wouldn’t take my personal responsibility so seriously to act faithfully not only for my own sake and God’s and for my little circle, but for the human community in general.
January 13th, 2010 at 11:45 am
I’m currently reading God’s Politics: Why the Right Gets it Wrong and The Left Doesn’t Get It . I had been wanting to read some of his writing, because I enjoy Sojourners quite a bit, so after reading Red Letter Christians: A Christian’s Guide to Faith and Politics by Tony Campolo, I moved it up on my list. Like most everything I read, I don’t agree with everything, but it certainly has reawakened my passion for social justice, which I think had fallen a little on the stagnant side in the past four to six months. At least I have been writing about it less…