Like many of you, I do not have a degree in either Business Administration or Economics. I have a general grasp of the current financial and economic crisis, but I can't say I'd be able to assemble the jigsaw even with a nice graphic to assist me.

So I do what I can to educate myself and stay abreast of the situation. Unlike Sarah Palin, I am not able to read everything written each day. I listen to BBC World Service because they have had some excellent even-handed and coherent debates on the subject in recent weeks. I talk to my husband because he does have a degree in Business Administration. I read linked articles that have been deemed worthwhile reading here. I check for relevant sources fairly regularly to see if I stumble upon something that helps my understanding.

I'm sure that it must be mentioned somewhere, but I have noticed an astounding degree of silence about what I consider to be a significant variable in these complex equations. I have heard blame and responsibility placed at the feet of mortgage lenders who should have known better than to lend to high credit risks. I have heard blame and responsibility placed at the feet of borrowers who should have known better than to over-extend themselves. What I am not hearing is the impact of underemployment and unemployment.

While the plural of anecdote is not data, in every single foreclosure case with which I have personal awareness, (it's fairly extensive in my specific locale as a member of the clergy and having a close relative in the home building industry) not one could be considered an unreasonable credit risk at the time he or she obtained a mortgage. It was a pay cut or loss of job that resulted in the default on the loan. No one buys a house assuming they are going to have their job outsourced or the demand for their industry's products dry up.

I remember when my husband and I prequalified for our loan when we went house hunting in 2002. We howled when we got the letter. "Holy shit! They think we can afford that for a house?!" Like most reasonable people we did not take what the bank said at face value and had a budget that included such luxuries as food, clothing and an electric bill or two. So yes, I think the mortgage lenders were incredibly generous (euphemism for greedy) with their offer of extending credit. We knew what we could afford for a monthly payment based on our income and that's what we bought.

Now my family has been extremely fortunate. We have not only kept our jobs but have seen our income rise modestly each year. However, at the same time our income has increased in the 3-5% range, our monthly housing payment is the amount on the note plus an additional 25%. Our taxes and insurance in escrow has risen quite a bit. I doubt anyone buys a house and says, "Oh I bet we're going to have a monthly payment 125% higher than this in just a few year's time."

So when someone's housing payment is 125% of the original note and their income is now 60% because the company has had to cut their pay in order to stave off shutting the doors altogether, is it any wonder we have foreclosures?

I have no doubt that unregulated greedy predatory lending practices and irresponsible materialistic borrowing practices contribute greatly to our current crisis. I just want to speak up for those who lost their homes through absolutely no fault of their own. They do not deserve to be regarded as financial pariahs.