I have been waiting to buy a house in Southern California for 7 years. Every year I save money for a down payment and every year prices go sky high. As of April 2008, house prices have only come down to 2004 values in a few areas, but other areas have not come down at all.
Speculators and unqualified people bought houses and continued to raise the house prices higher. Mortgage banks invested in high risk loans, and they should have to pay the consequences, not taxpayers. Why should taxpayers pay for the greed and stupidity of other people? We should let the market correction play out. On top of that, mortgage lenders have mortgage insurance; why are mortgage lenders asking for a hand out when they have insurance?
Urge your congressional representative to not support a bailout of the mortgage industry by the U.S. government.
Go to this web site for more information. http://www.stopthehousingbailout.com/
The web site allows you to sign a petition against the U.S. government bailout of the mortgage mess.