Renters, home OWNERS and people who didn't gamble on housing are getting heard now. And yes, we're the VAST, VAST majority of voters in America.
Here comes the OUTRAGE against what Bush, Paulson, Bernanke, Dodd, Clinton, Frank and the other monkeys in DC are doing.
WE'RE THE MAJORITY, WE'RE F*CKING ANGRY, AND WE'RE NOT GOING TO TAKE IT. GOT IT BARNEY FRANK? GOT IT CHRIS DODD? GOT IT BEN BERNANKE?
Every homedebtor and housing gambler in America now has the incentive to stop paying their home loan, immediately.
People who pay as promised get nothing. No cut in principal. No reduction in interest rate. Nothing.
People who DON'T pay get everything. Not because Big Daddy Government cares about them, but because it wants to make sure the banks don't fail and home prices don't fall to their natural levels. Bankers and the REIC gave all that money to Dodd and Frank for a reason you know.
Play by the rules and act ethically - the government tells you to go F yourself.
Break your contract, stop making payments, don't honor your commitments - the government is there to shower taxpayer money on you to make sure you don't walk away from your depreciating debt-trap.
This is what's become of America folks. A country whose corrupted Democratic and Republican leaders screw honest, hard working and ethical people every chance they get, doing the bidding of their bank and REIC masters, redistributing taxpayer money from the honest to the dishonest.
Contact Barney Frank and your congressman here. Write letters to the editor. Post on blogs. Show your outrage. Go down with a fight. Our voice can be heard.
Bernanke gives green light to Frank foreclosure bill
WASHINGTON (MarketWatch) -- Federal Reserve Chairman Ben Bernanke gave the green light Monday to congressional efforts to prevent foreclosures of homeowners caught in the recent sharp nationwide decline in home prices.
"Finding ways to avoid preventable foreclosures is a legitimate and important concern of public policy," Bernanke said in a speech at the Columbia School of Business in New York.
Legislation to aid strapped homeowners is making its way through the House of Representatives.
The bill has been pushed by House Financial Services Committee Chairman Barney Frank, D-Mass.
It would allow the Federal Housing Administration to back as much as $300 billion in refinanced loans for homeowners facing foreclosure.
Some have questioned the need for the measure, saying that it would punish homeowners who played by the rules and didn't overextend themselves.
Bernanke's support may help Frank sell the measure.
8,200 signatures so far today. Come on folks - and fellow bubble bloggers - let's get that to 80,000
Sign here. It's easy.
To: President Bush, 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,
The Undersigned
A few folks have taken it upon themselves to organize against the housing gambler bailout plans being drafted in the House and Senate, and now stupidly pushed by all three major presidential candidates.
I've been in touch with them to make sure everything is on the up and up, and they'll be getting their non-profit status paperwork this week. The group is led by a lawyer and was launched in tandem with Patrick.net and nationalbubble.
Since they're taking donations, I've asked them to use their funding for organization - which seems is what's really needed right now.
I see renters and responsible home 'buyers' who will have their tax dollars going to housing gamblers rising up. I see the bubble blog communities having a voice.
And I see our corrrupt Congress not giving a sh*t, unless this thing starts to snowball against them. Kinda like the Terri Schiavo mess - they thought they had a winner, and in the end, they found out different.
So, I encourage all of you to bookmark the Stop the Mortgage Bailout site, send them a few bucks, and watch this space.
Come on Hillary, I know you have the answer.
Seriously, it was bad enough to have trillions of taxpayer dollars go toward a stupid and illegal war. To have trillions go toward bailing out reckless banks, lenders and gamblers would be beyond the pale, it would be un-American and it would show the level of REIC-caused corruption found in America today.
I have faith in America. I have faith that Americans will fight any kind of taxpayer funded housing gambler bailout.
The good news is that Hillary Clinton and her ill-conceived housing gambler bailout plans are being sent to the trash (along with her imploding campaign) by her fellow big-government socialists. And then you have the lobbyists at war, with Bush and Paulson standing up to Clinton, Dodd and Schumer.
Best we can hope for HP'ers is some classic DC gridlock on this issue - the bankers vs. the socialists. Maybe they'll just run out the clock, houses will fall to their true market-driven values, the banks will fail, and then we can move on.
Or not.
Don't worry - Bush is still an idiot, and he's doing this because his banker buddies at the Mortgage Brokers Association were against it. But hey, at least he's doing the right thing, regardless of the "why"...
But shame on the Democrats for thinking they could destroy the sanctity of contracts. Shame on Harry Reid and the brain-dead Dems for trying to prop up housing gamblers and overvalued house prices in an election year. Shame on the Democrats for trying to pass a law that would have let judges tear up contracts.
And Bravo to Bush for pulling his head out of his ass long enough to threaten a veto of this mess.
Message to Congress: The United States is (was) a nation of laws and contracts. Don't fu*k with it.
We're run by monkeys folks. Corrupt, brain-dead monkeys. Be afraid. Be very afraid.
White House to veto foreclosure bill
$4 billion housing bill is too expensive for the administration and would 'slow the recovery of the housing sector.'
The Democratic housing bill would change bankruptcy laws to allow judges to cut interest rates and reduce what's owed on troubled borrowers' mortgages, provide $4 billion to communities to purchase and rehabilitate foreclosed homes, and improve disclosure of subprime mortgage loans in hopes that borrowers won't be surprised by big payment increases.
But the White House said the $4 billion for purchases of foreclosed homes is too expensive and "would constitute a bailout for lenders and speculators, while doing little to help struggling homeowners."
The provision rewriting the bankruptcy code, the White House said, would allow borrowers to effectively rewrite their mortgage contracts, leading lenders to tighten their standards and raise interest rates.
