Forum Post: Bank Holiday
Posted 12 years ago on Oct. 25, 2011, 12:44 p.m. EST by woteva
(18)
This content is user submitted and not an official statement
We the people should all take a 12 month Bank Holiday. If we all refused to pay principal and interest on our primary residence mortgages for the entirity of 2012 - what could they do. If united, all mortgagees have the power to force collective re-negotiation of our mortgages to reflect the loss of value in our homes.......... 30% reduction?
All mortgage holders are not angry or upset with the deal they got. In fact, I'm pretty sure most mortgage holders are perfectly content with their mortgage just the way it is. I personally don't know one person who thinks their mortgage is unfair.
"..........perfectly content" - you obviously have not suffered a 30%+ reduction in your real estate value........... if mortgagees are content - explain 'occupy wall street'......... the greatest common suffering is the loss of real estate value caused by unregulated wall street banks issuing irresposnsible mortgages
I guess we just kinda look at it like a stock. A stock can lose 30% of it's value, but we assume the risk and the responsibility when we made that investment. I don't think I could sell my house right now for what would clear up the mortgage, but that was my own decision and I should have waited longer until prices fell further. Doesn't mean I've stopped buying real estate though either.
you didn't cause the loss of value - greedy, unregulated wall street bankers caused it by issuing worthless mortgages to unqualified mortgagees
I also didn't personally cause any value loss in my stock. Same difference. There are tons of outside, uncontrollable, influences that cause values to rise and fall. As the purchaser of a stock or a house, you have to take all those into account and make decisions. Buy now or buy later, at what price, what risks for myself am I willing to assume, what is my worst case scenario plan?
Part of being an investor is knowing there is very little within your own personal control, and knowing just how much risk you can stomach.
if you are an investor, rather than one of us suffering, hard working home-owners, you may not be part of the 1% - but still likely one of the despised causes of these current problems........... problems require solutions, not by-standers
If you even had a 'Clue' about Independent Retail Investors, Or what that is all about.. you would have NEVER said what you just said..
yeh..... your one of the guys that pays less % of income in fed income taxes than your secretary...........
Marlow is right, you wouldn't have asked. Have you ever seen a house that's worth $2500? You ever try to take a house that is worth $2500 and make it into something a family can live in? Do you live every day knowing everything you have sweated and bled for could be lost in fire or flood?
I have a full time job with wages of 38K a year and another 12K or so comes from rentals. Rentals I rehabbed with my own two hands. Don't even think for a second that people like me would have a secretary. We take pride in doing it ourselves for ourselves.
I expect you also believe in "absolute capitalism" - a total user pay system where residents subscribe to services like fire & police, no library, no millitary - everyman for himself..........
Actually no since that would be wasteful and inefficient. Society can have systems whereby everyone pays and everyone uses. It's what systems and how far do you want to take it. Some of us prefer to draw that line a little closer to this side of capitalism than others. But outside of that, a pure and absolute capitalistic system cannot exist, nor would anyone want it to.
I know that everyone is sick of those rubber colored bracelets, but it would be nice to have some symbol to wear on Nov 5th, if one has completely moved all of their money out of a big bank.
It would need to be something simple and inexpensive - like a string of beads - that anyone could make. Maybe clear would be best, as a symbol of transparancy. Any bead would be fine (plastic, stone, whatever) so long as it is all one color - in order to be easily identifiable as a pro-OC statement.
The other thing nice about it, is that it would be awesome to see "everyone" walking around Portland, wearing the symbol that shows support of the Occupy Movement.
I'm pretty sure they would have no problem with foreclosure. It seems like a rad idea, but I work with home loans all day in a firm and these banks are cracking down.
but if millions of mortgagees united - the banks would only hurt themselves trying to foreclose on all of us............ it cannot be done by one - it would take the substantial majority of us - united
Talk about cutting off your nose to spite your face. All this would accomplish, it it were even feasible to begin with, would be a massive redistribution of land ownership directly to banks. Please, the banks would adapt fine.
the banks already own the property - we mortgagees own nothing but paper and the responsibility of the property.......... what exactly do you propose the banks would do if 50m mortgagees united and refused to pay principal and interest for 12 consecutive months.......? there are not enough law enforcement personell to evict that number of home-owners - we could bring them to their knees and collectively re-negotiate our principal balances adjusted to the loss of value they created by issuing worthless mortgages to unqualified mortgagees.....
OMG the banks do not own the property already people! Can we please remain within the realm of the real world here. You want to learn the difference between a lein and ownership then yes by all means go right ahead and hand your house over to the banks. This is unrealistic and if it were realistic it would be completely ineffective at accomplishing anything even remotely constructive. Please.
Hmmm....but are enough of Americans really aware of the situation? Are we enough to be united? I aspire for that day.
the idea needs publicity, traction......... all mortgagees are angry - they lack the ability to unite............
I hope word spreads then.
No, foreclosure.
there is no way that banks would foreclose on a substantial majority of mortgagees at one time - the banks would be the ones to loose
Sure, everyone will stick together.....You go first..
revolution takes guts, not cynicism
This is NOT a revolution. Its a Complain Campaign. Dont kid yourself or insult previous REAL Revolutions.
what is the point of complaining......... to instigate change......... we do not need tweaks or adjustments - we need real, tangible change
Talk minus action equal zero....don't talk about it do!
if I owned a newspaper or tv network - the concept would already be publicized........... I am only one voice - but the occupy wall street movement started the same way
and so will it die....one by one...
another cynic....... don't waste your time at this site - go burn some ants with a magnifying glass.........
OOOOH...that is fun.
at least I am posting an idea that could contribute to the solution, rather than just amusing myself with the misery of suffering people.......