Tammy Bruce: Angry Renters Against Mortgage Bailouts

Angry Renters Against Mortgage Bailouts

You can put me in that category. And I know I'm not the only. There are, in fact, so many the folks at Freedom Works (led by Steve Forbes and Dick Armey) have set up a website where you Angry Renters can get organized and do something about renters and all taxpayers getting shafted in order to bail out the irresponsible who bought homes they could not afford. Whether you're an Angry Renter or an Angry Responsible Homeowner, check out their site and get organized. In the meantime, here's one of their videos I think you'll relate to it as much as I did.

Posted by Tammy · April 30, 2008 04:32 PM · Permalink
Economy/Economics | The New American Revolution

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I guess I was one of those dummies who took out a fixed 15 year mortgage and paid it of 2 years early by saving and paying extra when I could.
Boy I won't make that mistake again.

Posted by: mustang at April 30, 2008 05:15 PM

Economists call bailouts like this "moral hazards": they create perverse incentives for people to do stupid things at the expense of the rest of us. I rent. Someday I'll buy. In the meantime, people who bet the farm on risky loans DESERVE foreclosure. And the banks who lent like crazy in some cases deserve bankruptcy. You know, capitalism is built on RISK: there's a reason it's called "creative destruction." And once it all shakes itself out, the overall economy will be better off. Politicians can ONLY make it worse.

Posted by: Dave J at April 30, 2008 06:12 PM

Too true, Dave J.

Posted by: St. Thor at May 1, 2008 05:36 AM

Most days, I am mathematically impaired, but even I grasp the concept that if you only make $40,000 a year, there's no way in hell you can afford a $500,000 mortgage, even at 0% interest, which I don't think a bank had ever offered on a mortgage. And adjustable rates. . .that whole concept scared the bejabbers out of me because I just KNEW interest rates would only go up, so my payment would only keep increasing--and the nominal increases for property taxes and insurance were enough to undo me. Same concept as Mustang mentioned above, we took out a 30 year mortgage, refinanced after 2 years for 15 years, and wound up paying off the whole mortgage in 17 years. I realize there are some places in this country where owning a home is just a dream considering the prices--if you want to own a home, you almost have to overextend yourself. But you also have to be very careful not to overextend. Start small and use your equity to buy up. Just because the bank SAYS you can have this much money doesn't mean you HAVE to take it. The bank makes more money the more money you take out as a loan, so of course they want to loan you big bucks. And now, as a good little taxpayer, it's become my responsibility to bail out the idiots so they can merrily go off and do the same stupid thing AGAIN.

Posted by: Miss Kathy at May 1, 2008 05:39 AM

Although no longer a renter, I am with the angry renters! The ideal way to save for a down payment is for a working couple to try to live as much as possible on one salary while the banking the other salary.

Posted by: Ripper at May 1, 2008 09:22 AM

Landlords are angry too! I've had trouble finding quality tenants in the last few years because everyone was buying homes. Now the chickens have come home to roost (No, you can't get enough of this cliche! What's it called when a cliche becomes a cliche?) I've got lots of interest in my property once again.
The government loves to take from smart, industrious, responsible people and distribute it to stupid/lazy people. This country rose to greatness under policies so much different than what is implemented today.
The rise and fall of the USA within one generation.

Posted by: helpunderdog at May 1, 2008 09:54 AM

The hilarious thing about this whole mess is that if the total sub-prime loans went into foreclosure it's would still only be about 9 percent of the market and as it stands only 7 percent or so of those loans are in foreclosure. This is one of those media scares that's taken root. Prime loans go under at a 2% rate so wouldn't a reasonable person expect a greater percentage of sub-prime loans to go under?

I think the real problem is that property prices outstripped the property values. The market needs to correct. I mean my parents owned a 3 bed 1 bath house that sold in 2004 for 600,000 in Redondo Beach CA when my parents passed away. My sister and I both were able to buy homes outright with the proceeds after paying off the mortgage which was about 75k and paying the real estate outfit. Sorry but certain parts of the country have property prices that in no way reflect the value of the properties.

Posted by: maldain at May 1, 2008 01:49 PM

"What's it called when a cliche becomes a cliche?"

I'd say that the cliche has jumped the shark, but then the phrase "jumped the shark" has by now, itself, jumped the shark.

Posted by: Dave J at May 1, 2008 04:36 PM

These same lenders insured that bankruptcy laws were changed to make it harder for the individual to claim bankruptcy. They padded each other on the backs because they got the law changed through their lobbies and "friends" in congressland. They were so proud, having interest rates so high for credit cards they handed out like candy and now they can stick it really good on that "consumer" with their usury. Usury is a sin, but I digress. Now that the tables are turned and the banks go bankrupted, do you see these legal pirates pay their fair share of dept ode? No, they, again are up in good ole boy and women congress to pay their screwup out of taxpaying "consumers" money. USA, inc. with CFO Uncle Sam. What can you do?

Posted by: radargeek at May 2, 2008 12:18 AM

Well damnit! I went and bought that used Toyota and now I find out I could have had a new Mercedes if only I had pi**ed and moaned to the Feds. Someone owes me a new Benz!

Posted by: Rich B at May 7, 2008 10:58 PM

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