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  • Tenants of the World, Unite!

    Mortgage Madness

    “So you bought an overpriced house or cashed out your home equity like an ATM? Here’s an idea: Take responsibility for your actions!”

    That’s the mood over at AngryRenter.com. The plain-spoken Web site run by FreedomWorks gives voice to what might be termed “the Silent Minority” of the mortgage- bailout debate: the one-third of American households that don’t have a mortgage.

    Although less than 2 percent of all homes are in foreclosure, the Web site notes, lawmakers are tripping over themselves to bail out the homeowners with tax dollars taken from responsible folks — many of whom don’t have a home of their own.

    Renters, who make up 32 percent of all  U.S. households, have a legitimate beef. “We don’t get a tax deduction for our rent, and we don’t get sweetheart government loans,” the site gripes. Yet Congress expects renters to help bail out those who do.

    “It seems like America’s renters may NEVER be able to afford a home,” fumes AngryRenter.com. “We are the class that has been ignored in this debate. Washington should not make us pay more in taxes to subsidize reckless borrowers and lenders.”

    For more insights into the housing crisis and what Congress should and shouldn’t do about it, click here.

    Posted in Economics [slideshow_deploy]

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