Change mentality of easy borrowing

I agree with a lot of what Ms. Wagner said in her "Who wouldn't want their own home?" letter (April 10). But, I think we need to take this a giant step further.

There is nothing more important than personal responsibility. The first line of defense against irresponsible lenders is our own objectivity, common sense and knowing the difference between wanting something and actually needing it.

We have become an "I want it now, I'm going to get it now" society.

There was a time (up until the early '60s) when the only credit cards available were issued by department stores and oil companies.

When I got my Marshall Field's card, it was a very big deal because it meant that I had very good credit. And everyone who didn't qualify, would either pay cash or use a layaway plan to make more expensive purchases.

Bank credit cards were introduced in the early '60s through mass mailings. Everyone received solicitations and credit became as easy as completing the application.

People who previously weren't qualified were suddenly in possession of as many as a dozen credit cards. In addition, the banks spared no expense extolling the virtues of buy now and pay later. The more they advertised, the deeper the average person sank into debt.

So, it isn't surprising that many banks and other lending institutions decided they could carry on the financial dumbing of America by extending their credit card philosophy into mortgage lending and equity loans.

They created a market for selling mortgages to people who wouldn't normally be eligible because their ability to make regular payments was extremely tenuous and unable to absorb rising adjustable rates and layoffs and employer closings.

I am for government regulations to fix this stuff only if it will actually prevent anything like this from happening again.

My fear is that once the lobbyists get through with the folks in Congress, the regulations will be extremely complicated and extremely weak and impossible to enforce.

Len Brauer

Palatine