This will blow up in their face something hard, something fierce and something memorable. I can't wait to see the polling data, media coverage, lawsuits, investor rejection and unintended consequences.
The 99% of Americans not given a free lunch, the 99% of Americans who did not commit mortgage fraud, who did not "buy" a home they couldn't afford, and who did think signed contracts meant something in the United States, those 99% are going to be ABSOLUTELY F*CKING PISSED OFF today when Bush and Paulson waddle out to announce a Housing Gambler Bailout Plan.
What to do?
1) Submit to your local paper's letter to the editor section
2) Contact your Congressman and Senator
3) Send a friendly little note to the White House
4) If you're a homedebtor with an ARM, stop making payments today, then call your lender and let them know you want a break too. If they don't give it to you, threaten a discrimination lawsuit.
Here's the Washington Post article where we got HP'er Darren interviewed (nice job!), and also some more MSM coverage this morning:
Bush Wins Agreement To Freeze Mortgages
Darren McKinney, 48, a renter in the District, said he has been waiting for housing prices to fall so he can buy a condo without resorting to a dubious loan. He turned down an opportunity to buy his 600-square-foot apartment for $310,000 in late 2004 because he thought it was "absurdly overpriced."
Now the government is rewarding people who made irresponsible decisions and bought homes beyond their means, he said.
"There are those of us who purposely sat on the sidelines during the course of the last three years while the senseless frenzy was going on, and we presumed the free market would be allowed to correct itself," McKinney said. "The government is now meddling in the market and looking to prop up lenders and borrowers alike, and those of us who wisely bided our time get screwed."
Sub-prime bailout helps the greedy
THE chameleons of the free market never cease to amaze. When things are good they worship at the altar of deregulation. When the market turns bad, they squeal like stuck pigs and are first in line for a government leg-up.
Subprime Mortgage Bailout - Paulson Vs the Free Market
With nearly $400 billion in adjustable-rate subprime mortgages scheduled to experience significant increases in their interest rates next year, Treasury Secretary Hank Paulson has outlined the possible terms of an ill-advised election-year taxpayer bailout for an indeterminate number of distressed homeowners and the investors who hold the homeowners' deteriorating subprime mortgages in their asset portfolios.
Mortgage relief plan draws fire
Some say proposal to aid subprime borrowers is a bailout; others say it doesn't do enough