Sat. Oct 1st, 2022

The moment the Lake County Foreclosure Prevention Task Force decided to make public education the group’s first major goal to help curb the rise of foreclosures within the county it highlighted the fact that a crisis of any kind is always a party of two parts.

The foreclosure crisis threatening the stability of the U.S. real estate system and the stability of our economy has been brought on by predatory mortgage lending practices, to a certain degree. But that is not the whole story. At the very heart of our American Dream lies home ownership and the drive to attain the great American Dream often blinds those who chase it to the potential pitfalls of their inability to meet their future financial commitments.

This is exactly what lies at the heart of the Lake County Foreclosure Prevention Task Force’s decision to engage in a bout of public education as a means of combating foreclosure.

In a perfect world we would get not just perfect mortgage lenders willing to promote their different financial products in an ethical and just way but also perfect mortgage borrowers, engaging in borrowing activities with a clear-cut understanding of their responsibilities as borrowers and a definite plan on how to best meet them.

At the moment we are engaged in a two-pronged effort to legislate and regulate mortgage lending practices and the behaviour of mortgage lenders when borrowers fall onto hard times and to educate borrowers on the need for probity regarding their financial commitments and responsibilities.

Should we, as a nation, become successful at doing this we will achieve what few modern nations have yet to achieve: a perfect meeting of need and solution, supply and demand, which will close the mortgage sales loop for many millions of Americans who dream of owning their own home.

It will hugely benefit the U.S. real estate market. It will put value back in mortgage investment for financial institutions and it will begin the cycle of gain and growth we have all come to associate with real estate in the U.S…

Education and legislature will also ensure that the crisis we have faced so far in terms of mortgage issues and predatory lending practices and unprecedented numbers of defaulting mortgage holders will not be repeated any time soon.

This will not guarantee that we will not find new ways to make mistakes and create a new crisis but that is way off into the future and, as they say, it is the natural way of evolution in any system and it is no different in ours.

It is our ability to learn, create, and solve problems through the attainment of knowledge that sets human beings apart from other species (that tend to rely on natural physical attributes and instinct). Sadly, many of us do not develop our intellect enough to address many of the challenges that the world faces (such as hunger, disease, violence, inequality, and poverty). Luckily, there are pockets of forward-thinking adults around the world feverishly engaging and educating the young minds of today so that they can be the leaders of tomorrow that will address challenges such as these. Still, there are questions that arise.

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In what state are the young minds of today in?

Are they even aware of the challenges of the world? If not, is anything being done to make them aware?

Do they understand the impact that these challenges have on humanity’s well-being? If not, what is being done to help them understand?

Are they willing to take on the challenges of the world?

What are young people of today doing to prepare themselves to be this world’s next set of leaders?

And what are the leaders and teachers of today doing to prepare our young people for the challenges they will face?

What are some of the challenges they believe the world faces?

Are these issues being talked about at their schools? If not, can anything be done to introduce these issues in their schools?

Are they talking about these issues with friends? If not, why?

Do they feel powerless to do anything about these challenges? If so, why?

Do they have any ideas that could be further developed to possibly address any of these issues?

After discussing with your future leaders’ their views, insights, and facility with the challenges facing the world, assess whether they are sufficiently aware and understand these challenges’ impact on humanity’s well-being. Then determine what kind of, if any intervention is needed on your part to get them up to speed. It is our job as parents, uncles, aunts, teachers, and adults to inspire that light bulb of ideas that exists in all of our children. Remember, knowledge is power, but without an awareness and understanding of the challenges the world faces, our children will be at the mercy of them (reacting, not being proactive).

However, of utmost importance are the questions that we have to ask of ourselves.

What do we want for our children and their future?

And are we willing to do what is necessary to prepare them for it?

If the light switch is not turned on already, it’s time to hit the switch.

Dr. Barrett has an earned PhD in applied management and decision sciences, with a specialization in leadership and organizational change. He also holds a MS in organizational leadership and a BS in organizational management. In addition to these degrees, Dr. Barrett has completed several executive certificates focusing on various areas of management and leadership development.

By rahul