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Angry Renter

April 23rd, 2008 | No Comments | Posted in People are Stupid

In the Personal Responsibility section today we have AngryRenter.com 

While most of us have been working hard, living in an apartment and paying rent until we can actually afford a house, some people (less than 2%) went out and bought a house they couldn’t afford using some creative loan practices that came back and bit them in the ass so now they are in foreclosure. 

What is the solution to their bad decision making??   Why, the rest of us should bail them out of course.  We should pay for their greed, stupidity, and inability to live within their means.

All we hear these days is whining from reckless home borrowers and their banks.

But did you know that renters are 32 percent of American households? And that homes in foreclosure are less than 2 percent?

So why is Congress rushing to bailout high-flying borrowers and their lenders with our tax dollars?

Unfortunately, renters aren’t as good at politics as the small minority of homeowners (and their bankers) who are in trouble. We don’t have lobbyists in Washington, DC. We don’t get a tax deduction for our rent and we don’t get sweetheart government loans.

Quite simply, we are just Angry Renters. And now it is our time to be heard: no government bailouts!

When my wife and I first got married we considered getting a condo because the realtor assured us that the mortgage on the condo would be less than what we were paying in rent.  So, we went and looked and found one of their models that we actually liked.  

It was about 1700 sq ft. but they wanted $140,000 for it which made me say WTF?  Then the voodoo started.  The mortgage they quoted was actually $250 more a month that what our rent was  and we said “Well, we can’t afford to do that so maybe when we have save up more”.

The realtor then starts talking about how if we do this on our taxes we’ll get this amount back and it will be as if we are only paying this much, plus after this much time we can refinance it and then do this and that.  The more he talked the sleazier the deal sounded and I said so to him.

“Oh, no” says he,”This is all perfectly legal and trust me, you’ll love it.  Plus, the value of your place will just go up.”

 Well, it may have been legal, but that doesn’t mean it’s smart and I see no reason I should pay because someone else was too stupid to remember that if it sounds to good to be true, it probably is.

hat tip to Michelle Malkin