Tax Payers Against a Wall Street and Mortgage Bailout
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A new group, "Tax Payers Against a Wall Street and Mortgage Bailout", has started an online petition drive asking Congress NOT to bailout the financially ailing mortgage industry. I am fully supportive of this action. To take MY money to give to unscrupulous (or uncaring, knowing the "fix" would come at the right time) money lenders who made loans to people who weren't qualified in the usual reliable time tested ways is absolutely wrong.
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I knew a family that, after watching and hearing enough advertisements enticing them into an "easy" home-loan, became convinced the time was right to purchase a home. Never mind that they couldn't qualify for even a car loan at the time-- already unable to make payments on their existing one-- they wanted a house, dammit, and were going to get one. Spend years saving, scrimping, and going without in an effort to fulfill some lifelong dream? Nah. After burning through the local lenders that operated under the older guiding principles ("those mother f**kers won't give me my money!"), they found someone that did the mortgage. In no way should these people, walking, fiscal train wrecks that they were, have been given a single dime.
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I have no idea what the present circumstance is with these people, having lost touch. I can only assume that they are wrapped up in the current crisis, having received one of the now infamous "no-money down, poor credit loans." Don't I feel bad for them, why with kids and all? Nope. They had no business getting that loan. They weren't just innocent people misled by the evil lenders. They worked HARD to get the loan- shuffling papers. Telling stories. Badmouthing those that denied them. Really. Why should I have to pay? I'm signin' that petition...
To: Senator Hillary Clinton, Senator Christopher Dodd, Senator Charles Schumer and members of Congress
Please do not support the efforts to bail out mortgage holders and mortgage lenders with my tax dollars. As a responsible citizen, I do not believe it is right for you to ask me to pay for other peoples’ financial excesses, especially since a bailout encourages lenders to continue making predatory loans, with the assumption that taxpayers are on the hook. Further, we believe that the liability of the mortgage mess should NOT be shifted to GSE’s Freddie and Fannie..I appreciate the goal of helping people to have access to housing, but any proposed bailout will only reward lenders and borrowers who acted irresponsibly, and it will punish people who work hard and diligently manage their finances by not buying houses which they cannot afford..The housing market has begun a process of correction. This is necessary in order to keep housing affordable in the long-term. Let the market correct so we can achieve stability again, and people are able to save and afford the house of their dreams over time. That really is the true American Dream..
Sincerely,DougClick Here to join me in signing.
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Comments
Posted by: Pricilla | September 12, 2007 1:34 PM
Posted by: judy paris | September 12, 2007 3:41 PM
Posted by: DCE | September 12, 2007 6:23 PM
Posted by: Randy | September 12, 2007 10:13 PM