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Letter Against RE Bail-Outs
Note to Visitors: If this letter fairly represents your thoughts regarding the possible government bail-outs of lenders and borrowers due to the "subprime meltdown" that has been in the news lately, feel free to copy it to your text editor, customize it to better express your thoughts and feelings, and email it to your elected representatives. Or better yet, print it out, sign it, and then snail-mail it. It would probably be a good idea to mail it out multiple times. Here's a list of senators and their contact info.
Don't like this letter? Take a look at an alternative letter.
[Today's Date]
Dear [Representative's Name]:
I am writing to inform you that I am absolutely opposed to any legislation that would result in the financial "bail-out" of mortgage lenders, banks, or borrowers due to the defaulting on mortgage loans that is occurring during this so-called "subprime meltdown" in the mortgage industry.
If lenders did not do their prior due diligence and risk analysis before granting a loan and as a result lent too much money to a borrower who later was unable to repay that loan, then whose fault is that? It's the lender's fault. If a borrower took out a loan that they were unable to repay, that they possibly lied to get, or that they did not understand or read carefully, then whose fault is that? It's the borrower's fault. It's a matter of personal responsibility and integrity.
Ours is supposedly a free-market and is one of the reasons why America is the great nation that it is. But government sponsored bail-outs are not how free-markets are supposed to work. Let the free-market sort things out on its own.
A bail-out is also hypocritical. If someone took out a mortgage loan 10 years ago, before the housing mania gripped this nation, and they default on their loan due to illness, a divorce, etc., should they be bailed out too? No, of course not.
Is a tax-payer-funded bail-out fair to all those prudent people who did not fall hook-line-and-sinker for the housing speculative mania hype, who saved their money instead of banking on housing, and who did not refinance into a "toxic loan"? No, of course not.
Is the U.S. government now in the business of "privatizing profits and socializing risk"? I sure hope not!
If this country does bail out lenders and/or private citizens, what message are we sending? What we would be saying is "it's ok to take on risky investments and eschew personal responsibility in the event of failure because Uncle Sam will always bail you out". This is the wrong message to communicate. Furthermore, such a bailout would only encourage more credit abuse, and extend the severity of the housing correction.
I agree that if someone was defrauded by a lender, appraiser, and/or a real estate agent and they can prove that they were defrauded, then they should be entitled to recourse. But a general bail-out of either lenders or individuals who, for one reason or another, got caught up in the real estate mania is abhorrent.
I will not allow my hard-earned tax dollars to be used to bail out defaulting borrowers or failing lenders. If a tax-funded bail-out does come to pass, I guarantee you that I will not support you the next time you are up for election.
Sincerely,
[Your Name]
[Your Address]
Don't like this letter? Take a look at an alternative letter.
[Today's Date]
Dear [Representative's Name]:
I am writing to inform you that I am absolutely opposed to any legislation that would result in the financial "bail-out" of mortgage lenders, banks, or borrowers due to the defaulting on mortgage loans that is occurring during this so-called "subprime meltdown" in the mortgage industry.
If lenders did not do their prior due diligence and risk analysis before granting a loan and as a result lent too much money to a borrower who later was unable to repay that loan, then whose fault is that? It's the lender's fault. If a borrower took out a loan that they were unable to repay, that they possibly lied to get, or that they did not understand or read carefully, then whose fault is that? It's the borrower's fault. It's a matter of personal responsibility and integrity.
Ours is supposedly a free-market and is one of the reasons why America is the great nation that it is. But government sponsored bail-outs are not how free-markets are supposed to work. Let the free-market sort things out on its own.
A bail-out is also hypocritical. If someone took out a mortgage loan 10 years ago, before the housing mania gripped this nation, and they default on their loan due to illness, a divorce, etc., should they be bailed out too? No, of course not.
Is a tax-payer-funded bail-out fair to all those prudent people who did not fall hook-line-and-sinker for the housing speculative mania hype, who saved their money instead of banking on housing, and who did not refinance into a "toxic loan"? No, of course not.
Is the U.S. government now in the business of "privatizing profits and socializing risk"? I sure hope not!
If this country does bail out lenders and/or private citizens, what message are we sending? What we would be saying is "it's ok to take on risky investments and eschew personal responsibility in the event of failure because Uncle Sam will always bail you out". This is the wrong message to communicate. Furthermore, such a bailout would only encourage more credit abuse, and extend the severity of the housing correction.
I agree that if someone was defrauded by a lender, appraiser, and/or a real estate agent and they can prove that they were defrauded, then they should be entitled to recourse. But a general bail-out of either lenders or individuals who, for one reason or another, got caught up in the real estate mania is abhorrent.
I will not allow my hard-earned tax dollars to be used to bail out defaulting borrowers or failing lenders. If a tax-funded bail-out does come to pass, I guarantee you that I will not support you the next time you are up for election.
Sincerely,
[Your Name]
[Your Address]
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, Apr 1 2007, 5:55 PM EDT
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