As the housing market implodes and financial institutions struggle, a difficult but necessary societal conversation lies ahead. The pain is real, of course. But from an ethical standpoint, is the sudden turn of home ownership from dream to nightmare such a bad thing? This is the conversation we need to have. Many egos are tied up in ownership and size, and our sense of well-being depends on avoiding others, not having to accept them. But if we embrace the biblical concept of repentance, we could come out of this housing collapse a stronger, more ethically grounded people.

(Tom Ehrich is a writer, church consultant and Episcopal priest based in New York. He is the author of “Just Wondering, Jesus,” and the founder of the Church Wellness Project, http://www.churchwellness.com. His Web site is www.morningwalkmedia.com.)