Dear Barbara: Anti-bailout letters to Boxer

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Good morning. Over at patrick.net -- for my money a terrific national real estate bubble blog -- Patrick is collecting, and publishing, anti-bailout letters addressed to Sen. Barbara Boxer, left.

One couple -- names withheld -- writes, ‘If you are truly a representative of the people, you will do the right thing, keep our economy from getting into an even worse situation, stop delaying the inevitable price correction, and let the bubble deflate to a place where prices match the cost of living. We are patiently waiting for our $150,000/yr combined salaries to afford us a starter town home.’

Another Californian, name also withheld, writes, ‘In the last 6 years, California real estate has become totally unaffordable to young families. By supporting federal efforts to stem foreclosures, you are helping to prop up inflated housing costs and drive responsible citizens out of state.’

R.W. of Pleasanton writes, ‘When I was trying to buy a house back in 2003 and 2004, the mortgage brokers I worked with attempted to push these very same loans on me but I resisted because I realized they would eventually destroy me financially. So now I almost regret my use of good judgment because of people like you running to the rescue of undeserving people.’

Here’s a link to Boxer’s foreclosure policy, from her website.

Your thoughts? Anybody out there have a story to tell about writing a letter on the topic to a member of Congress? Did you receive a substantive response? Anybody out there want to disagree with these letters? E-mail story tips to peter.viles@latimes.com.
Photo Credit: AP