Wednesday, October 15, 2008
Mom, you too?
Today during class as we listened to the "Giant Pool of Money" from NPR, and I could finally understand exactly what my mom was doing for a living. As a mortgage broker, she was giving loans to anybody who needed one. Before today, I had no clue what being a mortgage broker intailed other than loaning money to people, but I would have never guessed that anybody, yes, anybody could get a loan. How could you just loan somebody thousands of dollars without knowing anything about their background? It just makes no sense. But when it's not even your money that you're lending out, does it really matter to you who it's going to? I guess not. So all that time, my mom was making money off these loans, good and bad ones, just like all of the other mortgage brokers. So who is to blame for the economic downfall? Is the entire system just too messed up to fix? Once you've become so overwhelmed in debts from the loans you get, how do you get out of debt if you don't have the money?
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2 comments:
Good post Brit. It is really interesting to finally find out what your mom was doing for a living. You make a good point that the people loaning out all of this money don’t care that much about the background of the person receiving the loan because is it even their money? No. Also, I think that it is a real problem for people when they get way in over their head in debt from their loans. I know that if I were in their situations I would not know how to pay them off. It would take a lot of work of taking extra jobs, working overtime, cutting back on expenses (only buying what is an actual necessity), and managing your money. People need to learn how to keep their money and not spend it right away. It’s important for people to not take a loan if they know that they are not going to be able to reimburse they person they got the loan from.
Britt,
Nice job connecting our discussion to your family here. You might also interview your mom for a more complete blog post here or else extend the discussion a little. Still, overall, nice idea.
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