It’s about time: AngryRenter.com
This is for all of you who have followed my SuckItUp subprime blogging the past eight months and wondered “What can I do?” There’s now a new site dedicated to the anti-bailout movement. Check out AngryRenter.com and sign the petition. It’s about time!
All we hear these days is whining from reckless home borrowers and their banks.
But did you know that renters are 32 percent of American households? And that homes in foreclosure are less than 2 percent?
So why is Congress rushing to bailout high-flying borrowers and their lenders with our tax dollars?
Unfortunately, renters aren’t as good at politics as the small minority of homeowners (and their bankers) who are in trouble. We don’t have lobbyists in Washington, DC. We don’t get a tax deduction for our rent and we don’t get sweetheart government loans.
Quite simply, we are just Angry Renters. And now it is our time to be heard: no government bailouts!
Here’s their vid:
See what others have said
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Sums it up.
I signed the petition. I don’t rent but I don’t need a bailout either. So, I’ll support AngryRenters anytime, anywhere…
Amen! Leave the market alone. If it needs a correction, let it happen.
Moving from one crappy rental in MN to one in AZ, we will be living as usual, just warmer, and SAVING MONEY to buy a house at a LOW FIXED interest rate.
NO BAIL OUTS FOR DUMBA$$ BUYERS/LENDERS!!!
TEEEEEEEJ
I’m a renter because I’m responsible and don’t feel I can afford or need to own a home right now. I hate the idea of bailing out people who are irresponsible and couldn’t bother reading their contract.
I lost my house in a nasty divorce. Where’s my bailout?
I am definitely signing that. My husband and I live in an apartment because we did exactly what “Sally” did. We started looking and talked to the bank, which gave us a good idea of how much we wanted to save for a down payment.
[Side note: It's a great little video, but I wish they would correct the inconsistency in the spelling of Sally's name.]
Amen. I am a renter, because I cannot afford a house, especially in Calif. I am personally really happy the bubble burst and housing price are declining. Hopefully one day I can afford one at a reasonable price. I am saving for a rather large down payment on house, so all of this is good news if you were responsible in the first place. (I do lack credit though, because I rarely use it, which should be a sign of responsibility, you know living out of debt most of your life. Ah well.)
There are three forms of bailouts in the works and all are detrimental to the U.S. taxpayer.
You have the proposed homeowner (I use the term loosely as the lender really owns the property) bailout.
Then you have attachments to the proposed homeowner bailout that will bailout the builders.
Then of course you have the investment bank bailout. Bear Stearns is the poster child for this bailout. This is perhaps the most damaging and costly to the taxpayer.
The Fed, which is not a part of the U.S. government, breaking the law by accepting toxic mortgage securities from investment banks in exchange for AAA rated U.S. treasuries. The Fed is only allowed to purchase treasury securities. Yet by allowing the investment banks to use their toxic mortgage paper as collateral for treasury borrowing is in essence a defacto purchase of something other than the allowed treasury purchases.
There has been no impact on the mortgage market despite billions being thrown at the investment banks. They are being bailed out and no one else is benefiting.
Where is the outrage? We will pay for this through higher taxes and diminished buying power of the U.S. dollar for generations to come. All so the elite can protect the elite.
The SEC even refuses to investigate. See this article here, http://tinyurl.com/4zh4fm.
I just told them to suck it up!
Signed the petition. I rent here in AZ in an apartment complex. If I couldn’t afford my rent guess what happens to me? Yeah, that’s right… no bailout, evicted, living out of my car, and I would be charged 2 months rent for breaking my lease.
But I live in the real world, where people are held accountable for their actions. I work hard for my own wages, and pay my rent, bills, student loans. I’m not looking for a government bailout, and instead the banks and borrowers making shady loan arrangements get the bailouts on our taxpayer dime.
You can only squeeze the taxpayer so dry before they finally turn against the system. That day is coming sooner than later at this rate.
Why we should not bail out the losers. We have all heard the left cry, “It’s for the Children.” Now the new slogan, “It’s for the
illegalimmigrant”I think we have paid enough of our tax money to these illegal thugs that we should demand Mexico surrender and turn herself over as our new state.
I signed it. Why should I pay for others mistakes?
I signed it and stated the following, “The monies the Congress is attempting to appropriate is not , nor has it ever been, theirs . Leave our money where it is until WE tell you where and when to spend it.” I know it’s futile to say but Congress is only authorized to pay DEBTS.
My wife and I sold our house and now we’re renting. We weren’t in trouble, although the payments took a chunk of our budget. We also wanted to get our son into a better school.
Perhaps we should have waited. Uncle Sam would have bought it for us.
Oh well.
Why do people think the Federal government has to continually bail them out from under their own reckless decisions? One thing is consistent over the years, if a financial problem (whether of their own making or not) affects enough people, the Fed rides to the rescue. But if one person has a problem… forget about it; no help for you. Its called “getting more votes for reelection.”
I signed the petition. I sure hope it makes a difference, even if only a small one.
I pay $815/month to rent a ~750sqft apartment in Seattle, partially because I can’t really afford a home. But I’ve never missed a rent check, nor have I ever needed my fellow taxpayers to cover for me.
SUCK IT UP.
I signed the petition. We should not be bailing out anyone. This is a free market economy, why should the Federal Government be involved with rewriting the contract between two private parties? If people aren’t responsible enough to realize that there 2yr teaser 2% ARM isn’t going to reset at a higher rate, and if banks want to make loans to buyers without doing due diligence, then why should I be forced to bail them out? THIS IS AN OUTRAGE!
Skydiver, your ex is cashing the check now.
Very good ad
I signed the petition. The wife and I waited over 16 years before we took the plunge from renting or living on base housing finally able to afford an entry level home. Our second house is still modest and we live well within our means and we are just as unhappy with the bailing out the irresponsible with our tax dollars too!
We did Sallys plan for 20 years, my kids are the ones who suffered, they wanted to do many things but were not able to because we paid our bills and the rest went into savings. Yes me and my wife are sitting pretty good since we outright own our house and our kids don’t seem any worse for the wear in fact they know the value of a dollar and if you save your pennies long enough you can buy what you want,
IT’S CALLED DELAYED GRATIFICATION, the people in trouble now, have no sense of this, some in society have become selfish and greedy the I WANT IT AND I WANT IT NOW attitude, just like a spoiled child. Well I say if you want it and want it now and you can’t pay for it then you can’t have it anymore get out of your house and quit expecting the goverment to come in and feed you, cloth you, house you and change your diaper when you sh*t your pants after you get a letter of forclosure. Oh wo is me the bankers took advantage of me, please help me Uncle Sam because I’m a victim. The Banks are just as pathetic, oh please Uncle Sam help us speculators from bankruptcy, we are victims in all this too we took investment risks and the dead beat home buyers won’t pay up, o wo is me.
I agree with the renters
SUCK IT UP!!!! NO BAIL OUT FOR ANYONE THAT IS IRESPONSIBLE.
I rent an apartment simply because I know I can’t afford a house right now.
Do I want a house? Absolutely. However, it’s not feasible at the moment because of my financial situation.
What part of “don’t live beyond your means” is so difficult for some people to comprehend?
I rent.
I’ve owned two houses in my life so far. I was very responsible on each of those, always paid my mortgage. I’m divorced, and felt it was financially wiser to rent a small apartment for a few years. I’m approaching 4 years post-divorce, and I am preparing myself financially to purchase, and won’t do so until I am positive I can do it.
Over the last few years, I’ve received more idiotic flyers how someone could finance 103% of purchase price, how I could get this AWESOME adjustable-rate mortgage, and how easily I could get approved, no matter what. I waited. I am waiting…waiting until I know I can easily pay my mortgage.
They gotta keep sticking their you know what’s in everyone’s you know where.
Signed the petition, Wonderful website!
How is this related to immigration? If rent has increased by a large sum in state like CA or TX, then it could be because of illegals taking up houses for rent. I see no link b/w mortgage crisis and Mexico. Your argument is similar to that of liar Tancredo blasting Gen. Petraeus during his testimony after Tancredo linked Iraq war and illegal immigration. Just makes no sense.
Also we DON’T WANT MEXCIO as your state. Let those thugs be there on the other side of strong fence.
Unfortunately after you sign, it says the petition is to be given to congress on 21st April.. which means it’s a little late to try and make this go viral now :/
As my husband likes to say,”Stupid should be painful.”
Click the link and read and you will answer your own question.
I got priced out of buying real estate in 2004 since I was not willing to do the interest only option (because, get this, I thought it was irresponsible).
Lots of others did…now they get a break…now they are all renting pushing up rents for the rest of us.
No sympathy. Can’t wait until foreclosures start coming in by the dozens…I might just get a house this year.
Petition signed.
Paying $1200/month for a tiny 1 bedroom apt in Brooklyn as we were intelligent enough to not fall for 100% mortgages with adj rates con.. and now find that our responsibility is actually going to cost us via taxes to bail out the f**ing idiots who gambled and lost. Sorry MM for the language, but this REALLY makes me angry, the government has absolutely NO right to do this, NONE whatsoever.
Heck, if this goes through, why would we possibly want to act responsibly in future? I’ll go to Vegas and blow $500k and demand a bailout – where’s the difference between that and the housing market? Certainly will max out all the credit cards I can get my hands on, buy multiple cars and homes on credit and use each as collateral to buy more, and why, because the government taught me to.
Thanks for your link, but still the question remains open. Theres no direct link established saying majority of mortgage bailouts are for illegals. The bailout is being demanded by American liberals. Also its not sub $1000 payment per month (as in the link) mortgages which are demanding bailouts – Its by the 500K house bought by people who could not afford it.
Still I would love to see Bank managers/owners behind bars who would give loans to illegals – Its just doesn’t make sense to argue stopping mortgage bailout because of illegal immigration. We are not gonna solve any issue by making false connections/arguments.
Again I’m reminded of the management “truth”. If the company grows fantastically, management is genius, if the company doesn’t grow, it’s the economy.
If I buy a house I can’t afford and nothing bad happens – I’m a brilliant risk taker deserving to make a killing, but if things don’t go so well, then I’m a victim.
Congress will tell you it’s for the economy – I’ll tell you it’s for the congress people – buying votes.
Normally I would have no pity for people who took out irresponsible mortgages.In this instance though I have been troubled by the criminal acts of the lenders involved. The sub prime loans that were sold a few years ago were carefully conceived with the express intention of deceiving borrowers. Borrowers were told that adjustable loans were adjustable based on the prime rate. Borrowers were not told of special reduced rates for 3 years then a guaranteed massive increase “adjustment”. Lenders then covered this up by making the closings incredibly complicated with over a hundred loan documents to be read and signed. This complexity was intentional and designed to hide a tree in a forest.
The bottom line is that the vast majority of borrowers would not have taken these loans if they were told that in 3 years they would absolutely not be able to afford their homes and be forced to sell or refinance.
This is not a case of greedy irresponsible homeowners, it is a case of a massive scam committed by greedy lenders.
I may not agree with the government bailout but I think the true story has to be considered here before judgment is passed.
There is a lot to be said for living within your means, and appreciating what you do have. I personally think the government is doing a huge disservice to those who acted irresponsibly. It has been my experience in life that when I get to own the responsibility of my actions, I learn and do better the next time.
Every person is worth the dignity of his/her own pain. Let them own it, and let them learn. They will be better consumers in the long run.
#35
On April 23rd, 2008 at 2:14 pm, dreid said:
dreid – I totally disagree. If something seems too good to be true – it in fact, most likely is too good to be true. I’m not absolving any lender who lied – but somebody who puts zero down on a house and gets interest only, who do they think is paying for it?
Further – I’d be willing to hazard a guess, a not insignificant portion of the bankruptcies are in fact people who bought purely for the purpose of flipping the house or as “investment/rental” property. Rewarding bad behavior.
I signed the petition as well. My husband and I are renters right now. We’re trying to pay off all existing debt and save for our future home.
I actually left quite an angry message. I’m really troubled how many homeowners are simply just walking away from their homes/mortgages because they got in over their heads. Yes, I also do know that there were unscrupulous lenders involved in this meltdown as well.
My question is: why do the rest of us have to be dragged along on this ride to hell? I mean, there are some people who got conned, but there are many who didn’t. How do we separate the deserving from the not so deserving?
No one has really looked into this matter fully. There’s been no investigation and instead, kneejerk compensation for people who may or may not deserve the help. That kind of reaction just infuriates people like me and my husband who are trying to live within our means and save for our future home.
Where’s the justice for most people who are doing okay? Or does that not matter?
Wow, someone actually coming out and voicing for the millions of families that cannot afford to buy home and were smart enough not to take these sub prime loans that were being given to 95% of latino and black minorities.
NO BAIL OUTS!!!!!
Just to give an example of the anti-renter legislation we California renters have to put up with…check out this misleading proposition that’s been placed on the June 2008 California Statewide Primary Ballot.
In short, Proposition 98 would, “Prohibit rent control and similar measures.”
The sneaky bastards have cleverly disguised it as an anti-Eminent Domain measure and placed it on the June ballot, in the hopes of a small voter turnout.
If you’re a Californian….please VOTE NO ON PROPOSITION 98 and YES on Proposition 99.
And don’t even get me started on the neighborhood-gutting SB1818 legislation that’s currently under consideration in Sacramento.
These are but two examples of some things Southland liberals and conservatives have found common ground on. We all agree that saving our neighborhoods is of the utmost importance…especially in an ever-increasing metropolis like Los Angeles.
Sorry for the rant, but Michelle’s post really touched a nerve : )
Where did you get that statistics? If its really true, I have no objection to your statement, else it just looks like another racist statement. Not that there is no white racism – but someone will point out that when you make such statements too.
signed.
We have chosen not to buy at this time, as we moved into our current area at the top of the real estate boom. Large homes to accomodate our big family were pretty expensive, and renting made more sense.
I’m starting to wonder if it’s about time to buy, but need to evaluate finances/ career path before pulling the trigger.
I DO NOT want Congress to reward irresponsible/foolish behavior with tax $. Both economists and parents know, you get more of what you reward.
Great idea! Just signed the petition.
Now that the criminal speculators and flippers have moved on to the commodities markets (these people remind me of a plague of locusts), I suppose we’ll be bailing out futures markets to keep the price of food, energy and raw materials prices artificially high. Be on the lookout for my upcoming AngryEaters.com web site.
Just stating the facts. If that make me a racist in your eyes then I am sorry that you feel that way.
I am married to a beautiful mix of spanish/cherokee/Latvian I couldn’t be further from a racist.
Just the facts.
As the market corrects, distressed homes are available at reduced prices. Anytime a business has too much inventory, it blows it out. It’s called being “On Sale.” I have yet to hear of anyone insisting on paying $999 for some electronic item that’s on sale for $699. Sounds like “Socialist Creep” to me. (Is that a term?)
“So let it be Malkin’d – so let it be done.”
w/ apologies to Ule Brenner
I thought the same thing, and watched as all my friends go out and buy houses with interest only loans etc introductory 4% ARMs etc.
I spent all day yesterday going around looking at house and hope to buy within the next 30 days.
The people who need a bailout get no sympathy from me.
…mostly for mis-spelling his name!
Yikes… on edit; Yul Brynner
On April 23rd, 2008 at 1:46 pm, brad_sk said:
Read the link. Banks in So Cal have been giving home loans to illegals and they fail to pay on them. Bail out=Giving the illegals a break on something they should not have gotten in the first place.
conservativesRus, yes some of those effected where scum bag speculators but most were just average folk who were caught up in a lending scam. The lenders are the evil ones here not the borrowers. This was a planned operation to defraud average borrowers.
Finally. My wife and I have been p.o.’d about this since it began.
We’ve chosen to rent and drive one car to save money so that when we’re done with our military career we can afford a nice down payment for a nice home somewhere.
But since we are fiscally responsible, we are penalized.
This is nothing but election year politics. Bust the budget, Buy the votes!
There should be a law preventing the Congress from spending our money on anything except national defense during an election year. I know, it will never happen but that’s my two cents (pun intended).
Damn straight Skippy!!!
This makes me crazy! Tax law driving our behaviors…there should be no home mortgage deduction, but like that is ever gonna happen.
Government created the problem and IS the problem!!!! Now make them stop!!!
Oh, and this reminds me of the ethanol fiasco and coming food rationing (already happening now I hear) and people starving in the third world….Good Lord PEOPLE!!! Wake up!
/rant
I had to get out of my mortgage. I arranged a short sale. Imagine that! I did it without government intervention!!!!!!! Silly me.
#24 – ditto!
I signed, although I suspect it will do no good. Alas and alack.:(
Add us to this….we, that is, my twin
19 year old boys in college and working,as myself, share rent on a ONE
bedroom apt. that is about 650 sq ft.
We do this so that they can continue to go to college. And NO. I would never try to buy a house in Florida. What a joke…with insurance and taxes…forget it. Our rent is 700 a month and fits what we bring in for income…which should be NOT more than 30 per cent of incoming monies. The salaries here are definitely not good but the rents and home prices are HIGH>
But I would never buy a house I could not afford. As a matter of fact, I do not even think about owning a home…forget the stupid American dream…there is none.
When I was still in Orlando, the rent on my apartment went up ove 20% in TWO years. The reason? Flippers were pricing ordinary folk out of affording a home, so they had to rent. This created a scarcity in middle class apartments, so the prices rose, and fast.
Where is my payback for high rental prices owed me due to speculator activity which was out of my control?
The idea of the “American Dream” and working hard to be successful, is gone for a lot of people. It’s easier to let someone else take care of things, rather than be responsible. The government encourages that, because politicians need dependent people for power, not independent people. It’s so easy to fall for the temptation of government dependency. That’s why socialist candidates get more votes today, regardless of the fact that socialism is a failed economic program and anti-liberty.
No, Bail Out = Giving ANYONE a break on something they should not have gotten in the first place.
Just bad, no matter who receives it.
Better to bail out a homeowner than Bear Stearns – or the Iraqi government. I don’t see too many complaints here about the $3 trillion your wonderful war is costing the American people.
David = idiot. Consider the cost of doing nothing. In HUMAN LIVES.
But then again, you on the left don;t value those. Cambodia come to mind?
That is where you are wrong.
Take for example this F15mech,
Back in 99 I made approx 19k.
In July 2000 it was 52k
6 months later it was 72k (I asked for a salary review based on performance not time).
Today I am making over 100k.
And this is from a guy with almost no formal college education (my AF classes count for some).
I put down an offer on a house, and it was accepted.
The dream is alive and well, you need to figure out how to find it, rather then give up and say it does not exsist.