Wednesday, Apr 23, 2008
Interesting pie chart
Angry renter: Online petition
This is a rant site for US renters opposed to tax dollars bailing out home owners and lenders. The pie chart at the top is interesting, as it shows that 17.5% of mortgages are either in default or foreclosure - more than I expected at this stage.
Posted by uncle tom @ 05:36 PM (1045 views) Add Comment
15 Comments
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1. fun 4 now said...
''So you bought an overpriced house or cashed out your home equity like an ATM? Here's an idea: take responsibility for your actions!'''
nice quote from the site!
2. Princnosmo said...
This is an example of Astroturfing - see http://en.wikipedia.org/wiki/Astroturfing
The site is anything but a grass root movement of Angry Renters, which is not to say that I disagree with the sentiments expressed
3. montesquieu said...
anyone know how to get a petition registred on Downing Street web site:
'We object to any action which uses taxpayers money to reward irresponsible financial behaviour, either by banks guilty of risky lending, or of individuals who have exercised lack of foresight in taking on mortgages they cannot afford long-term.
Underpricing of financial risk inflated the housing bubble; a return to risk-averse lending will see a return to sustainable pricing and eventually (once prices fall sufficiently) enable those currently excluded to get on the housing ladder. We insist that the market must be left to punish all those who behaved irresponsibly.
4. Duncan said...
Does anyone know if the USA has the same ridiculous Buy to Let mortgages
(do a first time buyer out of their chance to buy a house) as we have over here ?
5. bystander said...
montesquieu, I'd sign it in a shot.
6. inbreda said...
seconded
7. Littledeb said...
Try this link and click on 'Create a New Petition'
http://petitions.pm.gov.uk/
8. Pandapops said...
Someone with the know how please start the above e-petition in the UK!
9. renting2 said...
Thirded.
10. Bewildered said...
Where did the value of 17.5% come from? According to the cited pie chart, the sum of foreclosures (2%) plus delinquent mortgages (5%) comes to 7%. Not 17.5%. This is still an egregious value, but let's get it right.
11. Conrad said...
Fourthed
12. jack c said...
Count me in (number 4)
13. voiceofreason said...
There have already been quite a few of these, google for house prices epetition .
Signed by many of us here over the years :)
But a few more wouldn't hurt...
14. montesquieu said...
any thoughts on tweaking the words? happy for someone to post this up if they know how to do it, then we can get our collective weight behind it ...
15. drewster said...
I remember signing one of these petitions last year: "We the undersigned petition the Prime Minister to not bail out mortgage holders and mortgage lenders with my taxes"
The government's official response to the 337 signatories (including myself):
Details of the Government's response to the situation at Northern Rock have been set out in statements to Parliament and the wider public. These statements explain the background to Northern Rock's difficulties, how the situation developed, the actions taken by the Tripartite Authorities (the Bank of England, Financial Services Authority (FSA) and HM Treasury), and the objectives and principles within which the Tripartite Authorities operate.
The responsibility to minimise risks and prevent problems from happening in a particular bank lies first and foremost with the directors acting on behalf of its shareholders. It is not the role of taxpayers to protect directors and shareholders from the consequences of their decisions. The Government's response to the situation at Northern Rock was necessary to avert a threat to the stability of the UK's financial system and avoid a serious disturbance in the wider economy. As the Chancellor explained to Parliament on 11 October 2007, the Tripartite Authorities' objectives in relation to Northern Rock are to protect taxpayers; to promote financial stability; and to protect consumers. The specific objectives of the FSA are set out in Part I of the Financial Services and Markets Act 2000.
In other words, let's bury you in legal jargon and hope you'll go away. You're obviously too stupid to see the fine new clothes complex systems that the emperor is wearing that the government has put in place.