There is not much time left to stop the sub prime mortgage bailout by the U.S. government. These Americans deserve to receive YOUR tax dollars because their mortgage payments are going up and they cannot afford to keep their homes.
It doesn't matter that these homeowner's payments went up based on their own bad choices. It does not matter that they signed up for more house than they can afford. No, clearly they were victimized by big greedy predatory mortgage companies.
.It doesn't matter that these homeowner's payments went up based on their own bad choices. It does not matter that they signed up for more house than they can afford. No, clearly they were victimized by big greedy predatory mortgage companies.
Let's look at another victim.
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This other victim is the homeowner who signed up for a fixed 30-year mortgage, insurance, and property taxes that they could afford when they signed the papers.
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I am one of those people.
.I am one of those people.
I put money aside from my paycheck every single week to save for a downpayment while I lived in an apartment. I saved more than $8,000 in cash for a downpayment, so I could have the American dream of homeownership.
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I bought my 1921 four-bedroom stucco home with it's peeling paint, fleas, dog crap in the basement, broken windows, mud back yard, drainage problems, old electrical wiring, dirty carpet, and crumbling plaster walls in Meridian Kessler for $100,000 a decade ago. It was the best house I could afford. I wanted to live in an historic home with good bones in a racially-integrated neighborhood.
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I bought my 1921 four-bedroom stucco home with it's peeling paint, fleas, dog crap in the basement, broken windows, mud back yard, drainage problems, old electrical wiring, dirty carpet, and crumbling plaster walls in Meridian Kessler for $100,000 a decade ago. It was the best house I could afford. I wanted to live in an historic home with good bones in a racially-integrated neighborhood.
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When I bought my home I could afford the payments and have money to improve the property, which is good for equity building, the neighborhood, and urban Indianapolis. My taxes back then were reasonable and helped me make the decision to sign for my first house.
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A decade later my propety taxes are five times higher than they were the day I closed on my property. Now a greedy predatorial taxing authority is forcing me to pay up for their irresponsibility and bad decisions or else.
A decade later my propety taxes are five times higher than they were the day I closed on my property. Now a greedy predatorial taxing authority is forcing me to pay up for their irresponsibility and bad decisions or else.
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Yet, there is no taxpayer funded bailout for me and tens of thousands like me, people who made responsible choices when they purchased their homes.
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So the irresponsible borrower gets a bailout and the responsible homeowner, victimized by a predatorial government, gets the shaft and potentially could lose her home due to a big balloon escrow payment.
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For the responsible homeowner borrower, the American dream has turned into a horrific nightmare caused by the immoral, greedy, unlawful, and predatory practices of Indiana's taxing authorities.
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For the responsible homeowner borrower, the American dream has turned into a horrific nightmare caused by the immoral, greedy, unlawful, and predatory practices of Indiana's taxing authorities.
2 comments:
This is a great post that makes an excellent point. Government continues to reward failure or poor decision making while those who make good choices have to pay the bill.
Great points on a number of levels! One thing that always makes me furious is how the public perception (aided by the media, who always focus on a couple of blocks of Meridian Street) is that everyone in Meridian-Kessler is a millionaire with a mansion. Someday I'd like to see them showing 49th and College -- anybody see any mansions on THAT corner? Attention media types -- We are not all living in Decorator Show Homes, even if we're being taxed as if we were. And yes, many of us like living here because the area IS diverse, the homes, large OR small, have character, and there are real trees that are taller than the houses. When did we agree to bail out people who made different choices?
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