"Freedom Works" Wants You To Tell Your Senator To Stop Mortgage Bailout Bill.
Here is an email I received today I thought I share with you:
Dear Osi,
Freedom Works is heading up a massive effort to stop the Mortgage Bailout bill scheduled to come before the Senate next week. We are asking folks to call Senator McConnell's office at 502-582-6304 or 859-224-8286 to ask the Senator to vote against the bill. It is a $300 billion bail out of people that made bad economic decisions, and it includes a $500 million dollar tax increase. Freedom Works has 53,000 signers for a petition against this bill, which you find at http://www.angryrenter.com/
Please pass this info along to your readers!
Michael Mruk
Freedom Works
Editor's note: When I replied to Mr. Mruk asking him what was wrong with the bill, he replied thus:
Osi,
Basically, the reason why the bill is bad is that those small amount of homeowners who purchased homes they could not afford (by taking out a subprime mortgage, which stipulates that a person can have, let’s say a 2% rate mortgage which can, due to the rate of interest, be raised to 7% after a given amount of time), rather than waiting to take out a fixed-rate mortgage, (which at the time was more expensive.), are being bailed out by the Federal Government and EVERYONE’S tax dollars. Although we hear a lot about the rampant foreclosures of homes on the news, the facts and figures clearly show that only 2% of people engaged in risky subprime loans and lost their homes by foreclosure, while the other 98% of the population either are renting, had a fixed rate mortgage (or were able to pay a subprime loan) or owned their homes outright.
What is clearly unfair is the Federal Government requiring taxpayers to fund this bill, when the majority of taxpayers on a national scale had no problem living within their means. Another key element here to consider is that this is only a quick fix: if lenders see that when they give out loans that can’t be repaid, the Federal Government, and here, specifically the FHA, will come to their aid. This will not stop the subprime mess, but will only set up a precedent for banks to be reckless with their money in the future. For more information and to see how many people in both KY and nationwide are against this bill, check out http://www.angryrenter.com/ , for a more in-depth look. If you have any further questions, please contact me. I will be in the office here until 5:30pm. Thanks for your interest and I hope that this helps!!
Michael Mruk
Freedom Works
Dear Osi,
Freedom Works is heading up a massive effort to stop the Mortgage Bailout bill scheduled to come before the Senate next week. We are asking folks to call Senator McConnell's office at 502-582-6304 or 859-224-8286 to ask the Senator to vote against the bill. It is a $300 billion bail out of people that made bad economic decisions, and it includes a $500 million dollar tax increase. Freedom Works has 53,000 signers for a petition against this bill, which you find at http://www.angryrenter.com/
Please pass this info along to your readers!
Michael Mruk
Freedom Works
Editor's note: When I replied to Mr. Mruk asking him what was wrong with the bill, he replied thus:
Osi,
Basically, the reason why the bill is bad is that those small amount of homeowners who purchased homes they could not afford (by taking out a subprime mortgage, which stipulates that a person can have, let’s say a 2% rate mortgage which can, due to the rate of interest, be raised to 7% after a given amount of time), rather than waiting to take out a fixed-rate mortgage, (which at the time was more expensive.), are being bailed out by the Federal Government and EVERYONE’S tax dollars. Although we hear a lot about the rampant foreclosures of homes on the news, the facts and figures clearly show that only 2% of people engaged in risky subprime loans and lost their homes by foreclosure, while the other 98% of the population either are renting, had a fixed rate mortgage (or were able to pay a subprime loan) or owned their homes outright.
What is clearly unfair is the Federal Government requiring taxpayers to fund this bill, when the majority of taxpayers on a national scale had no problem living within their means. Another key element here to consider is that this is only a quick fix: if lenders see that when they give out loans that can’t be repaid, the Federal Government, and here, specifically the FHA, will come to their aid. This will not stop the subprime mess, but will only set up a precedent for banks to be reckless with their money in the future. For more information and to see how many people in both KY and nationwide are against this bill, check out http://www.angryrenter.com/ , for a more in-depth look. If you have any further questions, please contact me. I will be in the office here until 5:30pm. Thanks for your interest and I hope that this helps!!
Michael Mruk
Freedom Works
Labels: General information
posted by KYJurisDoctor at 9:43 PM
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