Home > General Topics > Economics > "Occupiers" push Nov. 1 for U.S. to stop paying mortgages en masse.

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

  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.
     
  11. Well, if your friend and neighbor have a shit-eating grin, and tell you they haven't paid, and are getting away with it, you'll be disgusted and won't pay either! - even if you have the money.

    Defaults are much harder to process than a single payment which is in total compliance.
     
  12. I bought a new car.

    Oh wait it went down in value.

    I'm going to stop paying on the car.
     
  13. This is nothing new however. There are legions of strategic defaulters around the country who just decided to play a game of "chicken". It's played no small part in consumer spending since probably 2008 and there are anecdotal accounts of the number of people who have been "legally" squatting inside of their dwellings with nary a bother from the institutions which cannot locate title to the property in question.
     
  14. Even if Nov. 1 doesn't have the "critical mass" to push a bank over the edge, then you just pay a couple of months late, and say "sorry". The bank does NOT want to own your house.

    Protesters can then probe for another date which will clog the system.
     
  15. I'm pretty sure most of the Occupiers and their supporters dont even own houses. Look at these people...

    [​IMG]
     
  16. its not going to work because the fed can easily print and hand the money to the banks that has bad debts, and in doing that u can be sure the banks will end up getting more, of course, by looks of it they are going to continually do that whether there is an excuse or not
     
  17. These bastards can cause housing and financial crash and make those who currently have jobs........................also jobless bums like OWS donkeys.

    A law should be made that Facebook and others will be held liable if some gathering or events is directly related to their services which causes chaos and disturbance in the society.

    :D
     
  18.  
  19. I'm pretty sure most of the Occupiers and their supporters dont even own houses. Look at these people...
    ---------------------

    Ass nine statement. And what, some idiot wearing a suite working at some Corporation is an indication of a home owner?

    Looks have nothing to do with owning a home.

    Most people who "Looked" like they own homes are the very scumbags who are defaulting, leaving the rest of us with the fucking bill.
     
  20. Think of all the jobs that will be created by the banks hiring more people to process all the new foreclosures caused by not paying your mortgage. It would really serve these OWS dirtbags right.
     
  21. Both parties are at fault. It's as simple as that.

    ------------------------------------------------

    Exactly.
     
  22. What happened? There was a time when AMERICANS would never contemplate not upholding their obligations. Who fell asleep and let these dirtballs in?????????
    ------------------------------------------------------------------------

    I have no idea. I can understand if one is down in out for a temporary time, or an sickness and the Banks will not work with them on payments.

    But to just "Band" together and refuse to pay because you hate the system?

    I work 24 hours a day, well, I can work as many as I want but tend to work a lot depending on the region I'm calling. I hate the GOV, I distrust the GOV and BANKS and I can't stand the IRS. BUT I FUCKING PAY MY NOTES. I do not carry much credit on purpose because I rather pay cash (Debit Card) if I can for the item. I still have to play by the rules

    In fact, because I do not carry much credit, I could not find a Traditional Bank to loan me money,even though I have assets in the bank. I had to go to a Private Pool of money, created by Investors who loan money, at a good rate but not 4%. They usually pool together for investments but they have a division where the loan to people who are Asset Friendly but who do not play the credit game.

    So, even with me playing by the rules, I had to find other means to purchase my loft. And guess what...>I DOUBLE PAY MY FUCKING NOTE!
     
  23. Isn't it amazing? How some people can overcharge to the point of being unable to pay.... THEN claim they are a victim of those who allowed the overcharging?

    Don't you have to have a brain made of SHIT to rationalize such a thing?
     
  24. I kind of like my good credit, these losers need to get a job and go home, they dont even have a clue as to what they are protesting!
     
  25. I saw a pair of Occupy Philly types when they first started - most of their arms and legs were coved with tats. You can find thousands for ink but won't go get a job. Nice
     
  26. This is already going on in a big portion of the housing market..people not paying, people renting their homes collecting money and still not paying. The shadow real estate market in florida alone is estimated at 500k homes,,,,,these are homes not on the market, not collecting debt and most are being rented to others. I can only imagine what would happen if the noose is tightened a lil more....
     
  27. Right. If it's possible it will be done. This is why strict regulation is required. Unbridled capitalism has proven a blessing to thieves and swindlers. The internet will prove a blessing to many, including nihilists and anarchists who are as much a threat to law, order, and justice as anyone.
     
  28. So, it´s about time for internet police?
     
  29. "HUD’s $100 down payment incentive program can also be applied to an FHA 203k loan, which can be used to fund repairs and renovations on the home. The 203k program allows buyers to finance both the mortgage and additional money for rehabilitation needs with a single government-insured loan." Said otherwise, a $100 downpayment gives one unlimited degrees of freedom how to spend non-recourse, massively levered capital, and courtesy of money's fungibility, to even fund, shhh, the occasional iPhone. "Matt Martin, CEO of Matt Martin Real Estate Management (MMREM), says this is one of the most exciting features of the new incentive program and should drive a lot of exposure to FHA’s 203k offering."

    ----------------------

    here's the new and improved plan.....

    Now you take the additional money you borrowed for "home improvements" use the funds to pay off a student loan. Then.......drum roll.... stop paying the mortgage on the house.

    Now maybe at first glance this looks like "fraud" (wink wink) but..but... just sayin....

    how many home improvement loans paid for a flat screen or a cc pay off and ya'll deducted the interest..?
     

  30. I apologize for going off topic, but this was too good to pass up.

    Calling an asinine statement "ass nine" is in itself asinine. Hilarious.

    5yr
     
  31. if you haven't seen this short 60 minutes episode yet, you will sure get a kick out of it, another related one is about a mass of homes that they cant find out who even owns the mortgage, well worth the watch !

    http://www.youtube.com/watch?v=QwrO6jhtC5E
     
  32. Ouch!





    I'm going to continue paying my mortgage. Something about signing a contract makes me feel obligated to do what I promised to do. Call me old fashioned.
     
  33. Homeowners who don't pay their mortgage ought to be kicked out or straight to jail , whatever happened to personal responsibility in today's world ? Idiot homeowners who bought between 2004 and 2007 are a big part of our problems . Subprimes and ninja loans were great actually for people who needed them ( those with no credit history like immigrants, day laborers etc) , but idiots got way over their head and did not understand they were buying into a bubble. So now if you want to buy a house and have a patchy employment history or credit history forget it. And the govt wants to bail out all the idiots.
     
  34. How about the responsibility of banks to be liable for their own idiotic mistakes? Everything goes out the window when you bail corporations out. The government has shown the game is rigged so the fact that individuals want to level the playing field is fine by me. The fact that Bank of America is still doing business is an insult to capitalism and should be an insult to every American.
     

  35. toc,

    which bastards are you talking about? ;)
     
  36. Perhaps all purchases should be cash. The world would be simplified if there were no such things as home loans, car loans, credit cards, and student loans. It would bring prices down for everything.
     
  37. +1

    Baffles me who think this isn't true.
     
  38. My house is paid for. I paid it off early.

    No mortgage.
     
  39. Trump has strategically defualted a few times and no one seems to call him a criminal.

    So I cant shed too much of a tear on this subject. Someone played the game, they took a bath and they are walking away.

    Buisness do it all the time.
     

  40. The protesters are changing the rules of the game.....................

    http://pastebin.com/cNzHSYPs
     
  41. And, in case you don't understand that these protesters are not clueless, you can go to that same website and sift through the emails of the Boston Police Department.

    Oh, BTW, here's the emails for 577 members of the French Parliament.

    http://pastebin.com/4eWYATXe



    There's gotta be some new talking points other than how dirty these kids are. They are gonna get some big wins in the near future. Wake up.
     


  42. And why blame the little guy/gal playing the same game as the "Big" boys-Trump-??? I agree, it should not be so, but people are quick learners... ;)

    Besides, shouldn't the banks have known that those mortgages were a lie? So why give a mortgage to somebody you know don't have the financial earnings power to pay them off...

    It was all about making the $$$, Wall Street didn't care, and the home owners didn't care...

    I guess they had all learned from Congress these last 20-30 years...
     
  43. WOW!! Who would of thought you capable of this; are you sober?

    Seneca
     
  44. Minorities can say their problems are whities fault and get free rides for generations. People see that it works and they go for it.... monkey see monkey do...
     

  45. Robert Rubin personal info:

    http://pastebin.com/Ci5NEdkn
     
  46. How can Occupiers "stop paying mortgage on Nov. 1". Likely only a small percentage of them even HAVE a mortgage.


    So.... they expect/hope the financially responsible will not pay their mortgage to support the OWS cause? What are they, NUTS?

    Speaking of mortgages...

    ING has 2.55% on a 5-year ARM for qualified borrowers... up to $750K.
     
  47. LMAO, you and your little freinds dont have a clue! They dont even look like they have enough money to buy a stick of bubblegum much less have a mortgage. They are just there to continue their free ride and suck the governments tit more dry than they already have.
     
  48. ZIRP, TARP, QE1,2,3, EFSF, IMF, etc, etc are examples of the government sucking the life blood out of the working class as well. This is a two way street of egregious behavior and a growing lawlessness in society.
     
  49. So getting mortgage rates to the lowest level ever is a way to suck the blood out of the working men? ....

    Out of curiosity, what do you do for a living?

     
  50. Exactly whom do you think sacrifices for those low rates? i.e. savers, retirees, etc...It also creates greater dislocations as investment funds are forced to chase yield. Another overlooked "casualty" to central planning is the simple fact that all of these "shortfalls" from the implied 8% returns for pension plans is that they have to make up for this with a combination of social service cuts and "miscellaneous" increases in taxes, fees, etc, etc..

    So yes, there is a huge price to pay for artificially subsidizing record low mortgage rates.