‘Are we going to lose our home?’ Explaining the economic mess to children
By Melissa Schorr
When her husband lost his job as a mortgage underwriter at failed IndyMac Bank this July, one of the hardest moments for Jill Hofknecht was telling her 5-year-old daughter she couldn’t have a pet hamster.
All the accoutrements that the little rodent required — a cage, water bottle, food bowl, toys and food — would have strapped the family’s tight budget.
“We’ve discussed it,” says Hofknecht, 32, a New Jersey mom of two. “Emily knows that Daddy is looking for a new place to work — but that until he finds just the right place, we have to save money and be careful about where we spend it.”