This is an open letter addressed to all of the struggling mortgage borrowers (and their lenders) sitting on their haunches waiting for the...
This is an open letter addressed to all of the struggling mortgage borrowers (and their lenders) sitting on their haunches waiting for the...
View Housing Market Watch RSS feedThis is an open letter addressed to all of the struggling mortgage borrowers (and their lenders) sitting on their haunches waiting for the government to come to their rescue.
BY PAT SUMMERS
Dear Mortgage Borrower:
I understand that you've gotten yourself into some trouble. As someone who's made more than a few mistakes, I can sympathize with you. I really can.
However, I am more than a little concerned by how eager is our government to intervene on your behalf. They wish to bail you out with taxpayer-backed loans and programs. They also wish to violate the sanctity of U.S. contracts by permitting courts to alter terms on mortgages. This may seem like good news to you, but it feels terribly unjust to me.
Unlike you, I didn't ride the wave of insanity and buy a more expensive house than I could reasonably afford with a loan that I couldn't feasibly pay back. Nor did I sign any legally binding contracts to claim responsibility for that questionable real estate transaction you made. Nevertheless, there's a good chance I may be forced to resign myself to the risk you wholeheartedly accepted not that long ago.
In fact, I'm already paying for your mistakes. The Federal Reserve has already made the unethical decision to weaken our dollar in order to give discounted money to struggling banks, a.k.a. your partners in crime. If something isn't done soon, who knows how far they will take their unethical plan.
Now, you may be asking yourself: why doesn't this nutter just write to the government--those shady folks who form and allow all these diabolical plans. The truth is, like many people, I've already written numerous letters to my representatives to let them know the way I feel about mortgage bailouts. But until you do the same, I'm afraid they'll continue on with their destructive, election-year plans to intervene on your behalf.
You must know that it is morally irresponsible for you to expect that other people will pay for your mistakes. Please do the right thing. It's not too late to take responsibility for your own actions.
Sincerely,
Pat Summers, Frustrated Taxpayer
An open letter to all of the lawmakers and taxpayers who think a mortgage bailout is what we need to solve the housing crisis.
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