Bookmark and Share

Stop the Housing Bailout

by Morgan on March 30, 2008

If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!

A new web site (and organization) has launched to help spread awareness about (and their disdain for) the state-sponsored bail out of the housing and mortgage industries currently underway.  Stop the Housing Bailout is encouraging citizens to contact their congressmen and women to urge them to cease using public funds to prop up the housing asset bubble and institutions that helped get us to this point (see Bear Stearns, et al.)

From the Stop the Housing Bailout Web site:

This site is dedicated to stopping the government’s planned bailout of the housing market.   A bailout requires responsible Americans to pay for the acts of greedy bankers, mortgage brokers, flippers, and over-extended homeowners. In other words, the government wants you to pay for the blunders of others who knew, or should have known, better.

The group asks the unanswered question: Why should responsible Americans be forced to pay for the mistakes of others?

It’s a great question to be asking.  I’d especially be asking it of the Bush administration and the Obama and Clinton camps who keep proposing multi-billion dollar bail out schemes.  They are both wrong for completely different reasons.  Bush keeps pumping cash at Wall Street, who already made a killing, and Obama and Clinton want to foist cash on the homeowners which will certainly come at the expense of higher taxes, reduced public funds for things like health care and education (you know, stuff that everyone needs).

So head on over and write your congress-person.  Ask them the unanswered question – and DEMAND answers now and at election-time.  Your future is riding on their decisions.

Last 3 posts by Morgan

Related posts:

  1. Your stimulus – a drop in the bailout bucket
  2. Here are the key housing bailout questions no one is asking
  3. Celebrate our independence with the ‘08 housing bailout bill
  4. Obama’s Housing Promises
  5. Senate Banking Committee Reaches Consensus on Bailout Bill

  • I like the way that McCain said it (at first) that he was opposed to any bailouts UNLESS it became necessary to protect our country from systemic economic failure.

    I don't think he'll stick to that, but I like that idea.

    However I think it might come to that.
  • Dawnmarie Kacachos
    I'm tired of seeing so many articles about the questionable practices with the lenders, however, having been an Operations Manager for an office which produced over $100mm/mo in subprime & $80mm in conforming loans, I saw first hand how agressive borrowers were to 'strip the equity' from their homes knowing good & well they could not afford it. I was wondering where all the articles about taking personal responsibility are? When we didn't do the loans, we were considered 'discriminatory' & when we DID do the loans we are called 'predatory' (not my quote...I read that somewhere in a blog).

    I was listed in many lawsuits from attorneys for borrowers of home loans I had personally declined and I'm sure my company had to deal with hundreds of these a month...I had borrowers call me (and we were a wholesale lender where they weren't even suppose to know who we were until the loan was sold), borrowers threatening me, brokers, attorneys...all doing the same, just so they could refi AGAIN.

    We weren't perfect by no means, but where is the personal accountability?? How can they say they didn't know when the entire set of loan documents is essentially one disclosure after another?

    I guess I'm just sick of everyone blaming the mortgage industry and making it easy for someone to just 'walk' from their house without consequence. The government and media are making it 'okay' for homeowners to blame everyone except themselves and I'm sick of it. Why should the American taxpayers bail them out? If they didn't understand what they were doing, why did they pursue the loan?
  • Anna Kordecki
    Where in our Constitution does it say that home ownership is a right? Forget about the greedy. How come all of a sudden people who clearly could not afford a home got to believe that they can have one?
    I had to sell my house when my ex husband walked out and I was literally left on the street with two college age girls. Did I expect anybody to feel sorry for me or to lower my mortgage, so that I could keep the house?
    At 52, a single mother I'm doomed to be a renter for the rest of my life. I'd love to be able to make my contributions to Wall Street though a nice mortgage. Can other tax payers help me please to get my house back?
    I am outraged by the plan to use my money to bail out the greedy and the ones who play stupid. Let's have a class action suit against the administration. This is a very clear case of discrimination against permanent renters and those who already lost their homes. And please, don't give me that bull about the effect on the entire economy. Socialism for the rich, that's what it is.

    Anna Kordecki
  • mtr
    Can someone please explain to me why the government wants to bail out individuals that speculated with a hot housing market. By bailing them out we are encouraging fraud and the poor lending practices that put us in this position.

    To me this is clear, when the government allows bubbles to happen people get hurt. Look back at the internet bubble or the stock market bubble from the late 1990s. People lose money when bubbles collapse and they all do. It is better to not let them happen.

    The main reason for this mess is the poor lending practices that were going on for years. The individuals also were committing nothing less than fraud with no documentation loans. Now we want to bail them out with tax payer dollars.

    The best thing that can happen to the economy is to let the housing market correct naturally and then housing will be affordable again. We may actually have spendable income again!

    Regards,

    Michael from NY
blog comments powered by Disqus

Previous post: Fifth Third Makes Wholesale Changes

Next post: Headed On Vacation, Need Some Help