Foreclosure: A Story of Poor Decisions
Michelle Malkin's ongoing series on subprime meltdown/foreclosure sob stories brings to light the questionable motives behind the reporters detailing these stories. Are they mocking the individuals or aiming to evoke sympathy? From personal observation, it seems they have a long way to go in their attempts to make us feel sorry for these people.
The Sad Tale of a Foreclosed Family
A recent article stood out from the rest, taking the cake, running ten times around the block with the cake, and then devouring it in a ravenous binge. It began with the "sad" portrayal of Joann Gardner, who was waiting for the final step in her home's foreclosure process. The lender's representative was due to arrive to offer her a cash incentive payment in exchange for handing over her family home vacant. Joann's weariness and desire for relief tugged at heartstrings, but the story takes a twist that challenges compassion.
Unfortunate Choices and Foundational Ignorance
Joann's parents, Johnnie Gardner (87) and Estelle (88), purchased their two-bedroom Sobrante Park neighborhood home back in 1954 for a mere $11,500. Johnnie's job as an electrician at the Oakland naval shipyard allowed them to comfortably handle their mortgage payments. However, in recent years, Joann and her brother made a series of ill-advised decisions, refinancing the property multiple times for increasingly larger amounts.
The final refinancing in 2006 resulted in a staggering debt of $454,000, with monthly payments of $3,362 surpassing the household's income of $3,144. The money acquired through these refinances was thoughtlessly squandered on credit card payments and exorbitant loan fees, leaving the family unable to make a mortgage payment since December 2006.
A Harsh Reality
It is undeniably unfortunate that aging parents like Johnnie and Estelle have been burdened with such foolish children who are now reaping the repercussions of their own poor choices. As a generally empathetic person, I have yet to come across a single foreclosure story that didn't evoke an overwhelming sense of scorn in my heart. Every time, it becomes evident that these individuals have deeply entrenched themselves in their dire circumstances due to their own irresponsible decisions, and frankly, I am exhausted from hearing about it.
Looking Forward
As these types of stories surface, one can't help but wonder how much taxpayer money will be allocated to bailing out these individuals who failed to exercise fiscal prudence. It is a frustrating reality that falls upon the shoulders of hardworking taxpayers who have made wise financial choices. While empathy is important, it is vital to differentiate between genuine hardships and the consequences of unwise decisions.
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