Bailout Bill: Save the Homeowners Too!

September 25, 2008

Since we rescued Wall Street with a $700 Billion bailout, we better make sure homeowners get some guarantees of help, too.  This video tells the story of the grand daddy of all predatory lenders, Ameriquest, and shows why it’s wrong to blame all the borrowers.  Hear how many homeowners dealing with foreclosures ended up there and hear the troubling revelations of employees who were on the front line convincing borrowers they were getting a good deal.

We can say there’s enough blame to go around, from Wall Street to Main Street, but you can’t ignore the misleading and in many cases illegal tactics lenders used to sell toxic mortgages to borrowers.

It’s time to give the borrowers stuck with these predatory loans the ability to re-structure them into fair mortgages.  Lenders and investors can still make money with a reasonable interest rate that a homeowner can afford to pay, rather than an exploding rate that fast tracks them to foreclosure.

For too long, we’ve seen the lenders claim in one breath that they want to help homeowners avoid foreclosure and in the next, tell those same homeowners, there’s nothing we can do for you.   The lenders are fond of blaming the “investors” claiming their hands are tied by their contract with the investors.  Well, guess what– you and I are going to be the investors.  And if we really want to solve this problem and not just throw more money at the people who caused the problem and are already rich, we better get serious about fixing these bad loans.  It’s the only way to stem the tide of foreclosures and keep good, hard working people who want to pay their mortgages in their homes.

Congressional leaders had to do something and now it’s time to stand up for the people of this country.  Whether you have a bad loan or not, fixing the toxic, exploding and unpayable mortgages so many people were stuck with is truly the only way out.  No one is asking for a free ride, just a fair one.

Write to members of Congress and urge them to help homeowners, too.  Find your elected officials here by putting in your zipcode.