The greatest lesson learned from someone else may be just as insightful as a self-experienced lesson.

During summer 2010, I had a chance to visit my relatives in Asia, specifically Taiwan with my father.  There, I met many of my dad’s friends.  Friends from 10 years, 20 years, and perhaps 30 years– they were all prosperous businessmen in the industry. There was one specific family friend, who developed a successful tourism industry.  A company that was famous even with the name spoken.  And a company my father used to be a partnership of.  I admired his success, and wished my dad had continued the business alongside.  However, my father made the decision to move to Canada with his family–with us.

During my stay I had the chance to live in multiple hotels he owned throughout the city, and even had a tour in his office building.  He was a man who was treated with great respect within the business industry.  The only thing that took my admiration back was that  I soon discovered there was a lack of love in his family.  In the end I am not to judge the amount of love in his family, but I am thankful my father made the decision to move to Canada with us.  I then understand the importance of my father’s hope in the future of his children.

His business was successful, but he had a sacrifice.  Speaking from the mind of a Sauder School of Business Student, I would like to say that successful business is good too, but it is best to remain a balance between your business and family.

A recent article has issued the crisis of foreclosing homes and properties taking place in New York.  Ever since the U.S. mortgage crisis, homeowners have suffered from losing their homes to banks in late August.  A total of 338,836 properties have faced total foreclosures last month in which Sharga, RealtyTrac senior vice president addresses that “the more price pressure, the more homes are in danger of going into foreclosure because they’re going to be upside down.”

The root of the problem traces back to high unemployment rates and wage cuts, thus homeowners are heading in a trap as their mortgage is eventually higher than the home’s value.

Ethical? Not very I believe.  These homeowners who are being targeted by banks have no choice but to sacrifice their homes to the bank.  On the other hand, nobody has money during a crisis, but everyone needs a place to live.  In America, most real estate properties are rented from the state and federal government.  Thus the government fails to acknowledge the unfairness targeted against the homeowner.

http://news.yahoo.com/s/nm/20100916/ts_nm/us_usa_housing_foreclosures

Posted by: | 8th Sep, 2010

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