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Posted on Apr 9, 2008 in Across the US, Economy, Spending

Stop The Mortgage Bailout!

Here is a site that I urge everyone who is interested and/or concerned with the latest actions and proposals to bailout certain segments of the housing market to visit.

Below is a brief overview of what this site is about:

This site is dedicated to stopping the government’s planned bailout of the housing market. A bailout requires responsible Americans to pay for the acts of greedy bankers, mortgage brokers, flippers, and over-extended homeowners. In other words, the government wants you to pay for the blunders of others who knew, or should have known, better.

Equally as important, a bailout would permanently price out of the housing market all those responsible Americans who have been patiently saving to buy a house that they can actually afford. The current housing correction is necessary to correct for the historic run up in housing prices over the past decade, which has pushed the price of housing beyond affordability. By bailing out the housing market, the government will prevent housing prices from returning to affordable levels and thereby ensure that young families will not be able to achieve homeownership.

A government bailout of the housing market is both fiscally and morally irresponsible; it is an unfair subsidy being paid to the wealthy (bankers), the greedy (mortgage brokers, flippers, and yes some homeowners), and the incautious (some homeowners), with little or no benefit to those paying the bill (taxpayers).

With the help of more bloggers, I think that this site could become an extremely important resource for sharing information about the real effects of a government bailout in the mortgage markets.