Have you signed the against bailout petition?

[KingKong]

Got the link from OC Renter’s web site:

http://www.petitiononline.com/bailout/petition.html

So far only about 2,600 people signed. We need to crank this up.

Get it going please!

[hipmatt]

just signed.. thanks for the link, home it works!!
…edit..
not only did I sign, I created an email that I sent to many of my contacts… here it is..

http://www.petitiononline.com/bailout/petition.html

Hello.. I don’t usually forward political emails or spam, but I really feel that this issue is important. There is already talk of a government sponsored “bail out” that would be unconstitutional as well as unethical.

If you believe that it is wrong for our government and the taxpayers to bail out irresponsible homeowners who bought more than they could afford, lied about their wages, took out too much home equity, and are now facing financial trouble, please read and sign the petition.

If you feel that it would be wrong if we bailed out the lenders, who are now struggling, because they loaned ridiculous amounts of money to just about anyone, regardless of the home price, their credit history, and lack of down payment, please sign this petition.

If during the last 5-10 years, you lived below your means, were financially responsible, and did your best to save up for a home that you could afford with a traditional mortgage, and now are priced out due to the rampant speculation, easy money home flippers, and loans that you could have gotten, but didn’t seem right, you need to sign this petition. If we let the government go on, it is possible that they will reward those who were irresponsible with money from many of us who have been responsible.

Please sign the petition, and forward this email to all the other hard working Americans you know, who wouldn’t want to reward those who risked the most.

Thanks, Matt

Here is a quick, recent story you can read to get a better idea of what some politicians are already talking about. http://www.nytimes.com/2007/08/28/business/28workout.html?pagewanted=2&_r=2&ref=business

Here are some of the things that others who signed the petition had to say…

-DON’T DO IT – IT IS UNFAIR TO THOSE LIKE ME WHO DIDN’T BUY WHAT WE KNEW WE COULDN’T AFFORD, AS MUCH AS WE WANT A HOME OF OUR OWN!! THE AMERICAN DREAM IS OUT OF REACH.

-I pay for my mistakes, let the lenders pay for their mistakes and not with my tax dollar!

-I is not the job of government to protect the interests of idiots who overborrowed or hedge funds who facilitated the credit extension to those who should never have been allowed to borrow. What took place was the financial equilivent of crack dealers peddling low cost crack to the dimwits. It is time the dimwits and financial crack dealers suffer together. The lessons learned will be far more beneficial to them in the long run than any legislation. If you pursue a bail out of any sort or authorized the shift of risk to the GSEs who have already proven to be incompentent, you will do great damage to this Country both short and long term. Think very carefully!

-the home flippers and bankers need to lie in their own bed

-Free market, means…FREE MARKET

-DON’T DO IT – IT IS UNFAIR TO THOSE LIKE ME WHO DIDN’T BUY WHAT WE KNEW WE COULDN’T AFFORD, AS MUCH AS WE WANT A HOME OF OUR OWN!! THE AMERICAN DREAM IS OUT OF REACH.

-House prices went up 100-200% but why it can not goes down?

-Lower house prices are good for first-time homebuyers and the economy as a whole. Let the correction run its course and don’t waste tax money on trying to stop it.

-In no case should any help go to these people who never looked at fundamentals or their ability to pay for these cardboard boxes.

-No to irresponsible lenders and borrowers. Capitalism without any financial failures is socialism – for the rich

-Just as it would have been foolish and counterproductive to bail out investors after the dot-com bubble burst, it is equally foolish and unwise to bail out home debtors after the housing bubble burst. Impose regulatory sanity at both the OFHEO and the Fed, prosecute the predatory lenders, and fix the mortgage system, but don’t throw away (the public’s) good money after bad on a doomed attempt to rescue insolvent debtors.

-Millions of American’s like me paid 12%-9% interest rates for over 20 years. We put 10%-20% down and bought small affordable homes. How dare Congress reward people for living beyond their means!!! You did not bail out the millions of baby boomers who paid 9% interest rates but you want to bail out whinners who complain about having to pay 7%!!! ARM’s were free gifts to these people and now you want to call it “pretator lending”.!!!!! Give hard working American Taxpayers who have no debt a tax-break rather than reward those who live beyond their means!!!!!

-As someone who is and has always been responsible for my own debts I resent my tax money being used in yet another way which coddles the people whose greed caused this debacle.

-Bailing out sends the wrong message to borrowers and lenders and will only ensure that this happens again and again.

[KingKong]

Thanks for the good summary.

Can we ask Rich to put the petition link at a more eye catching place? We really need to get the words out.

[Alex_angel]

I wish there was a way to isolate the greedy flippers from the struggling family that really did get duped by some smooth talking snake of a mortgage lender. It is a shame to see some good families lose their home because of these shills.

[Anonymous]

Alex_angel, I feel bad for some of the regular families as well. I know people in this situation. However, they signed the documents – 20 pages of documents with signatures and initials all over them. If that is supposed to be “the biggest financial decision of their lives” then people need to treat it as such and understand the 30 year contract that they are signing.

I certainly don’t want my taxes paying for someone else’s hummer while I drive my corolla and try to save more money for a down payment.

[Author]

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