If there ever was a time when the average, hard-working American homeowner needed a little help, it's now. The economy is a complete and total mess. The financial markets are near collapse! Unemployment is at a 5-year high, and foreclosures are at record levels. But right now those that claim to represent the best interests of the average American working stiff, the small mom and pop shops and the senior citizens who depend on the stability of our markets in their golden years, are selling us up the river. Those at the helm are ready to hand out a no-strings attached blank check to a bunch of jet-setting CEOs who gambled with America's hard-earned dollars and lost. They want to "rescue" the big banksters while letting the little guy drown. Millions of Americans have faced foreclosure and lost their homes under stricter bankruptcy laws; but no one has thrown them a lifeline. These unfortunate Americans have only been fed the rhetoric of "personal responsibility" while big money corporations feed at the trough of the American taxpayer. That's why this proposed $700 billion dollar bailout may be unconstitutional and unpatriotic. Unless this proposed $700 billion bailout contains language that helps those facing financial hardship stay in their homes and avoid foreclosure, it must be considered an utter disaster and significant failure.
Legislation introduced by Senator Dodd will give homeowners the option to convert their Adjustable Rate Mortgage into a traditional mortgage with a repayment period of up to 40 years at a prime rate; a waiver of credit counseling for debtors in foreclosure; and a waiver of fees or charges on a mortgage loan or secured loan. This is legislation that will give our economy the real lifeline it needs, not just help a few corporations. Isn't this what our great country is built on? We all work together, we all stick together and lend a helping hand to one another in times of need. To pass this bailout without including the proposals made by Senator Dodd would not only be unreasonable and irresponsible... but also unpatriotic and un-American.
A decision on this proposed legislation will be made in the next day or two and we need to forcefully show Congress that we will not support a bailout of corporations without a lifeline for the average American. [Click here to download a letter] that you can fax to your senators and representatives. If you have any personal contacts, now is the time to use them. Our message should be clear -- no bailout for Wall Street is acceptable without provisions that give homeowners a right to save their homes in bankruptcy.
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