Senator Boxer position on bailouts

[gecko]

I invite you all to email your representatives and senators regarding any proposed legislation on bailouts clearly stating your position. The email I sent was very clear and direct stating in part that I will not be supportive of any form of bailout of homeowners or institutions but will also make it a point to vote against any legislator that is favor of a bailout. Below is the response I received from Senator Boxer:

“Thank you for contacting me about subprime mortgages, which are loans that are marketed to borrowers with weak or imperfect credit. I appreciate hearing from you.

In order to purchase a home during the recent housing boom, millions of Americans turned to lenders offering alternative mortgage products such as interest-only and adjustable-rate mortgages. Lured by low interest rates and easy access to credit from predatory subprime lenders, millions of Americans purchased homes they cannot afford.

Though subprime loans have initial monthly payments lower than standard mortgage loans, the payments are structured to increase either suddenly or slowly over time. As a result of recent interest rate hikes coupled with abusive loan terms, payments often grow beyond what borrowers can afford to pay, forcing many families into delinquency or even foreclosure.

Although there is no legislation in Congress to bail out subprime borrowers currently in foreclosure, several bills have been introduced to protect future buyers. The STOP FRAUD Act (S.1222) would impose civil and criminal penalties on lenders who defraud borrowers, and require those same lenders to go through state judicial foreclosure process. The Homeownership Protection and Enhancement Act (S.1386) would create federal grants to enable state housing agencies to create home ownership counseling services and homeownership protection. The Borrower’s Protection Act ( S.1299) would require mortgage lenders and brokers to verify a borrower’s ability to repay a loan, and prohibit lenders from steering borrowers toward predatory home loans.

Please know that I am monitoring this situation closely and will keep your views in mind as the Senate considers these bills.

Again thank you for writing to me.

Barbara Boxer
United States Senator

Please visit my website at http://boxer.senate.gov

[meadandale]

That’s looks like the same form letter response that someone else got months ago from Babs.

Note how her verbage continuously absolves the borrowers from any culpability and villifies the lenders.

This response demonstrates why I never have and never will vote for her or anybody like her.

[meadandale]

That’s looks like the same form letter response that someone else got months ago from Babs.

Note how her verbage continuously absolves the borrowers from any culpability and villifies the lenders.

This response demonstrates why I never have and never will vote for her or anybody like her.

[meadandale]

That’s looks like the same form letter response that someone else got months ago from Babs.

Note how her verbage continuously absolves the borrowers from any culpability and villifies the lenders.

This response demonstrates why I never have and never will vote for her or anybody like her.

[NotCranky]

“Lured by low interest rates and easy access to credit from predatory subprime lenders,”

“Note how her verbage continuously absolves the borrowers from any culpability and villifies the lenders.”

Got my “liar loan” from Wamu and the Heloc from those guys with the stage coach. Of course the mortgage broker wanted me to take that cash out from the liar loan and use it to get a bigger loan for a house she had picked out for me in Point Loma.When Rustico can have detached house in Point Loma you know something is not right.

[NotCranky]

“Lured by low interest rates and easy access to credit from predatory subprime lenders,”

“Note how her verbage continuously absolves the borrowers from any culpability and villifies the lenders.”

Got my “liar loan” from Wamu and the Heloc from those guys with the stage coach. Of course the mortgage broker wanted me to take that cash out from the liar loan and use it to get a bigger loan for a house she had picked out for me in Point Loma.When Rustico can have detached house in Point Loma you know something is not right.

[NotCranky]

“Lured by low interest rates and easy access to credit from predatory subprime lenders,”

“Note how her verbage continuously absolves the borrowers from any culpability and villifies the lenders.”

Got my “liar loan” from Wamu and the Heloc from those guys with the stage coach. Of course the mortgage broker wanted me to take that cash out from the liar loan and use it to get a bigger loan for a house she had picked out for me in Point Loma.When Rustico can have detached house in Point Loma you know something is not right.

[JPJones]

Yeah, I got the exact same canned response. I don’t doubt that they have a bot setup to auto-reply with that e-mail.

[JPJones]

Yeah, I got the exact same canned response. I don’t doubt that they have a bot setup to auto-reply with that e-mail.

[JPJones]

Yeah, I got the exact same canned response. I don’t doubt that they have a bot setup to auto-reply with that e-mail.

[Anonymous]

I’m betting that Babs knuckles under to the pressure of Fall Street and gets behind some kind of rescue package that on the surface looks like it is designed to come to the aid of the poor unsuspecting borrowers, but in reality is designed to give Fall Street, the banks and the power elite in this country, another moral hazard “Get Out of Jail Free” card.

Fasten your seat belts for just another disguised tax increase to make it that much easier for Wall Street bankers and brokers to enjoy those weekends in the Hamptons.

[Anonymous]

I’m betting that Babs knuckles under to the pressure of Fall Street and gets behind some kind of rescue package that on the surface looks like it is designed to come to the aid of the poor unsuspecting borrowers, but in reality is designed to give Fall Street, the banks and the power elite in this country, another moral hazard “Get Out of Jail Free” card.

Fasten your seat belts for just another disguised tax increase to make it that much easier for Wall Street bankers and brokers to enjoy those weekends in the Hamptons.

[Anonymous]

I’m betting that Babs knuckles under to the pressure of Fall Street and gets behind some kind of rescue package that on the surface looks like it is designed to come to the aid of the poor unsuspecting borrowers, but in reality is designed to give Fall Street, the banks and the power elite in this country, another moral hazard “Get Out of Jail Free” card.

Fasten your seat belts for just another disguised tax increase to make it that much easier for Wall Street bankers and brokers to enjoy those weekends in the Hamptons.

[Anonymous]

I also received exactly the same response from Barbara.

[Anonymous]

I also received exactly the same response from Barbara.

[Author]

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