Comments on: Not in our name: No moratorium on foreclosures!

By: 3rd Generation

3rd Generation — Fri, 18 Jan 2008 01:57:03 +0000

Here is a little New Years treat courtesy of patrick.net. Why not copy this sample letter and e-mail to the ‘girls club’ aka: Feinstein, Boxer and Nancy “Bella Lugosi” Pelosi. Show your OUTRAGE, tell them you will not support them again if they sanction bailouts for liars, pimps and thieves AKA: home debtors. Get PISSED bitter renters, NOW is YOUR TIME. It becomes you…

Stock market continues to crash. Do You Care?

In California, it may help to write the committee consultants responsible for the bills:

Eileen Roush (senate Banking committee consultant) Eileen.Roush@sen.ca.gov
Mark Farouk (assembly Banking committee consultant) Mark.Farouk@asm.ca.gov

SAMPLE LETTER – If you are at a loss for words, copy the following letter into the email you send to your Representative, and be sure to include your rep’s name and your name and location before sending

Dear X Representative,

Please do not support the efforts to bail out subprime
borrowers with my tax dollars. As a responsible citizen, I
do not feel it is right for you to ask me to pay for other
peoples’ financial mistakes, especially since a bailout
encourages sleazy lenders to keep on making predatory loans,
with the assumption that taxpayers are on the hook.

I appreciate the goal of helping people to have access to
housing, but the proposed subprime bailout will only reward
people who acted irresponsibly, and it will punish people
who work hard and diligently manage their finances by not
buying houses which they cannot afford.

The housing market has begun a process of correction. This
is necessary in order to keep housing affordable in the
long-term. Let the market correct so we can achieve
stability again, and people are able to save and afford the
house of their dreams over time. That really is the true
American Dream.

Sincerely,

Your Name
City, State

By: burbed

burbed — Thu, 17 Jan 2008 23:03:27 +0000

Their ridiculous definition of Bay Area includes Contra Costa. I hear you can buy a 10 bedroom house for $100k or something retarded like that.

By: RH

RH — Thu, 17 Jan 2008 22:51:38 +0000

From the article: “The typical monthly mortgage payment that Bay Area buyers committed themselves to paying was $2,756 last month, down from $2,963 the previous month, and down from $2,828 a year ago.”

I’d like to know where I can buy a house in the bay area with a mortage payment of $2700. Are we talking a shack on the Capitol Expressway in San Jose?

By: BubblyRE

BubblyRE — Thu, 17 Jan 2008 19:57:21 +0000

Well… I guess a lot of people are talking about a Bay Area debacle in house prices
http://www.dqnews.com/RRBay0108.shtm
including a 40% drop in sales volume from Dec2006 to Dec 2007 and year-on-year FALLS in median house prices, of 5.5% in Marin, 2% in San Francisco and yes, even 0.2% for Santa Clara and San Mateo so…. maybe the Real Bay Area (TM) where “they arean’t making any more land and prices can only go up” is shrinking fast

By: Renter

Renter — Thu, 17 Jan 2008 19:51:22 +0000

Foreclosure is actually good for a lot of homeowners.

For those who bought at low price and kept refinancing to extract cash from their home as home price rose, they have little equity on that ATM machine. Foreclosure is equivalent to selling the home at inflated price to the bank.

For those who bought at high price with little down payment, they could just return the home to the bank, the bank would fire-sell the home to some vulture investors at low price, and the vulture investor would rent this home back the previous homeowner with much lower monthly payment.

The only loser would be the bank and people with enough equity to stay at their home.