"Occupiers" push Nov. 1 for U.S. to stop paying mortgages en masse.

Discussion in 'Economics' started by wilburbear, Oct 24, 2011.

  1. For the first time in human history, people can act together in this regard. The internet enables it.

    If you think about it, before the internet, no one wanted to risk court appearances and/or jail. Individuals stood alone, and could be singled out by the system. That has been inverted. Any one bank is smaller than the internet.

    Even if 15% more of mortgage payers don't pay on a certain date, that will clog up the collection system. And if you neighbor gets away without paying you won't pay either.
  2. This is pure bullshit.

    If you took on the note and you are employed, then why would you refuse to pay? Because your a scumbag.

    Now, if you are laid of, or if you can't work due to an sickness or something of that nature and the Banks will not work with you, then sure, play this game.

    What's next....Hey, fuck it, I bought a Hummer, BMW, MERCEDES, AUDI, FORD, Et I can't afford...so Fuck it.....I'm not paying.

    I'm no friend of the Mega Banks. But 50% of the problem are the people who signed those notes.....

    So, what because my neighbor does X, then that means I can do X, I should Do X? Fucking Lemmings.

  3. no, people who demand free lunch without working for it are 100% of the problem!

    the banks didn't force them to take the loans.

    on the other hand, central bank should not bail any bank.
    but since the delusional masses do not object....
    the banking gangs will get richer and richer, its fantastic to have such moronic customers :D
  4. This is ridiculous. You sign up for a mortgage knowing what the payments will be, or at least knowing how they will change over time if that's the case. Property taxes, that's another story. But the OWS loonies lose any credibility they may have had as far as I'm concerned, trying to organize people to renege on their mortgage obligations.

  5. Regarding this, if Nov. 1 doesn't work, some other date will.

    The capability now exists for this type of action, and the protestors know it.

    So, how could they just leave this tool laying on the ground when 42 million live in poverty in this country?

    You may have to short BAC. Even at today's 6.65.
  6. Both parties are at fault. It's as simple as that. Nobody "forced them to sign the dotted line". Yes that is true. But at the same time, the Fed experiment of creating another asset bubble on the back of real estate caused prices to double, triple and quadruple in short order. Fantastic if you happened to be in real estate prior to the bubble and could sell into it. An absolute nightmare if you just happened to "come of age" in the midst of it.

    Running a paper shuffling economy that is wholly dependent on rising asset prices comes with alot of baggage.
  7. regardless this wont work, no one that can afford to make the payment will hault as no one will trust everyone else to go along with it. and if they can process all the payments each month, im sure they can process a ton of defaults, which they have been.
  8. I agree. Even if such an event were to take place, it would never see the light of day. It would just be papered over, literally and figuratively.

  9. Yo.

    I'm not saying I agree with this tactic. It would probably hurt me.

    Just sayin', "watch out".

    The kindling and the match are both visible - but the protesters might botch the execution.
  10. that is what I call a real bail out.

    after this......RECOVERY.
    #10     Oct 24, 2011