5 Alarms..Rush will be on Fire today...Bring the Pain...Bring the V...Open thread

During the housing boom of the last five years, people with bad credit histories, many of whom lied about their income and nature of employment, got mortgage loans they weren’t qualified for to buy houses they couldn’t afford. Now that house prices have stopped rising, and the house can’t be refinanced or sold at a profit, Congress wants the taxpayer to subsidize the mortgages so these folks can remain in their unaffordable houses.


Here is a Sample Letter you can send:

“Dear X Representative,

Please do not support the efforts to bail out subprimeborrowers with my tax dollars. As a responsible citizen, Ido not feel it is right for you to ask me to pay for otherpeoples’ financial mistakes, especially since a bailoutencourages sleazy lenders to keep on making predatory loans,with the assumption that taxpayers are on the hook.

I appreciate the goal of helping people to have access tohousing, but the proposed subprime bailout will only rewardpeople who acted irresponsibly, and it will punish peoplewho work hard and diligently manage their finances by notbuying houses which they cannot afford.

The housing market has begun a process of correction. Thisis necessary in order to keep housing affordable in thelong-term. Let the market correct so we can achievestability again, and people are able to save and afford thehouse of their dreams over time. That really is the trueAmerican Dream.

Bring the Pain….Bring the V


Your NameCity, State”