Forbearance Rekindled

There once was a time in our society that patience, leniency and tolerance were strong attributes of our society.  One could argue if you are in a glass-mostly-empty mood, that these traits are rare to come by these days. The “I’m-in-it-for-myself, winner-take-all” type of attitude has been increasingly the way our country has operated over the past several decades.  Just the simple example of what people will do to make sure they have more than their share of toilet paper bares proof to this observance.  Call me cynical if you may but I’m not overly proud of my fellow Americans these days.

Another proof that we are growing increasingly selfish and boorish to one another can be found in the word forbearance.  This word is being bandied about lately as a financial tool to be used to try and ameliorate our chances of surviving the developing financial crisis.  According to Webster the word forbearance means “patient self-control; restraint and tolerance.”  Do those words sound familiar to you in the context of describing an average American citizen these days?  To further provide fuel to my argument the usage of the word forbearance has been in sharp decline since the 1830’s.  It is rarely found being used in common lexicon today.  Is that because there is a more modern word that is used instead or is it because the trait rarely exists in modern times?

So, here we are; several steps over the cliff of a new financial crisis, one that unfortunately is being fueled by a pandemic event the size of which has not previous been experienced by mankind; at least modern man, that is.  The discussions over the past week have been filled with an urgency that decries this to be an extremely serious and far-reaching economic catastrophe of which has the makings of destroying our civilization.  There has not been anyone indicating that we are blowing this out of proportion.  Instead, everyone demands that if the government doesn’t take action immediately with trillions of dollars thrown into the economy to help support and sustain it, we will not have an economy of any kind.  Yes, doom and gloom is the cup of tea we are all drinking at this time.

One thought that has been circulating is the use of forbearance as a tool to help prop up the economy.  Forbearance is an economic concept where lenders will allow delays in the payments of loans from their borrowers for a period of time in order to help them through an economic downturn.  Forbearance in this sense is a conscious forgiveness of tardiness.  It requires a condition of understanding, patience and well-meaning.  It means to set aside and restrain the normal impulses of the lending institutions in behalf of and for the good of our society. 

What do you think?  Is this a characteristic that you expect your banks and mortgage companies to embrace?  What is their incentive to accept this risk?  What will they get in exchange? 

When I consider the typical character of a banker in these types of situations, Mr. Potter in “It’s a Wonderful Life” comes to mind.  Are there any George Bailey’s around in our world today to help us through this financial challenge?  Do you really think that forbearance is a tool we can rely on?  Perhaps.  The world is in a very different place than it was just a few weeks ago.  The phrase “we are all in this together” has taken on new meaning.  The American Spirit that lifted us out of the depression and a world war could, possibly, reassert itself in this desperate time of need.

We are facing a big challenge.  The rules by which we play must change.  Above all, if we are to preserve our society we all must dig deep within ourselves to unleash the virtues of patience, understanding, forgiveness and even love.  Forbearance is the standard bearer to recovery.