Don't show me that! Show me my new freaking house!
Well, apparently guns were put to the heads of these individuals as they signed off on "no down payment", "sub-prime", "adjustable rate and/or interest-only loans". Did they care about long-term affordability? Fuck no. They just wanted into the club, slamming down their cash on to the proverbial Las Vegas roulette table, because interest rates will go down in the future. They MUST go down in the future!
And besides, my Realtor told me "you can always refinance in the future".
This move to legislate away the collossal financial fuck-ups of these morons sends the wrong signal. To everybody.
Now it's OK to throw reason to the wind. You don't have to pay back your mortgage!
Instead of renting a single family home, I should go out there and load up on a $650,000 single family, 3 bedroom, 2 bath piece-of-shit cement box house in Orange County, sign up to a two deed of trust, adjustable-rate mortgage and make it all mine! And if interest rates go up in the future, the loan adjusts and my house payments go from $1,999.99/mo to $4500.00/mo, then fuck it! I'll just call up California Senator's Barbara Boxer or Dianne Feinstein. They and 350 million American taxpayers will surely "pick up the tab", help me keep my house, and bail me out, because I'M A FUCKING ARROGANT MORON!
Hell, why not just go to my bank, withdrawal all of my money, spend it all on lottery tickets and hookers, then put in for a tax-payer bail out?!
Meanwhile lending standards are tightened across the nation, the cost of borrowing for all sorts of loans in America goes up for everyone, and uncertainty rages in the financial and currency markets.
AND - hey, I thought I'd save the best for last, Rancid Truth readers - your federal and income tax bill goes through the freaking roof, courtesy of that financially inept neighbor just down the street!
And you thought they had such a nice flower garden!
The Senators, Congressmen and President want some sort of "pat on the back" for sticking it to the American taxpayer.
Do Americans seriously wonder why this country is going to hell in such a gaudy handbasket?
Write you senators now and implore them to stop this insanity and reject any such legislation proposed by Bush, Shumer, Shelby, Dodd or Clinton.
Look, it's not because America is without compassion. But let's agree to establish a new rule. Let compassion and bail-outs be reserved for those who really need it - the poor, the uneducated, the sick, the elderly, those that cannot defend themselves.
Ms. Pat Vreedevogd-Combs of the NAR
It is morally wrong to bail out "housing gamblers" (a.k.a anyone who believed the words of Realtors or mortgage lenders the last 7 years) with the money of hardworking taxpayers and voters who, instead of believing the National Association of Realtors (nice commendation, Ms. Combs) , chose to live within their financial means.
I would advise readers of Rancid Truth to write the malinformed President of the United States, but he has the unfortunate impairment of being unable to read, and unable to change his mind once he fucks something up so badly and beyond all recognition. But if you voted for George W. Bush and you believe he will listen to you, then don't let me stop you.
Hell, we should try everything at this point, and that includes anyone who chose to slap a "W in 2004" bumper sticker on their SUV.