Forum Post: Demand - Write down principle on loans
Posted 13 years ago on Oct. 15, 2011, 10:44 p.m. EST by brooklynteacher
(1)
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Banks are not going to get dollar for dollar on many of their residential loans in foreclosure. If they write down the principle, people will be able to stay in their houses, have a more secure financial footing to spend, and avoid the rot of communities with empty houses.
no no no. if someone doesn't want to pay a mortgage on a house that's under water they should (a) leave the house and give it back to the bank and take the hit on your credit, or (b) continue paying your mortgage. Those are your only two options, unless you want the banks to start asking for a larger mortgage if your home should appreciate in value.
And if I borrowed money from you...I guess you wouldn't want it all back
well, if I lied to you about the value of the home you were buying, then I might want the money back, but I surely wouldn't deserve it.
Well since nobody really knows the vale of an asset (it's worth what someone is willing to pay for it) how did anyone "lie"? Yes mortgage brokers and lenders said sleazy things like yeah your house will go up in value and you can refinance...thats breaking the law....but what about the seller who cashed out at the top? Millions of home were sold in 06/07/08 by ordinary people....is that bad? Did they lie?
well, if mortgage brokers falsify documents, or give NINA loans, or prey on those who are first time homebuyers, then I would say the banks who bought these mortgages in the secondary market should pay up. The banks knew that many of these people had no chance of paying back their mortgage, but gave the loans anyway to pocket the fees. They took no risk because they sold them off as securities. Fannie and Freddie are now government entities, and they should be forced to write down prinpal.
Big difference between a mortgage broker falsifying documents and a borrower falsifying their documents (which is illegal and both should be punished) and preying on first time buyers? WTF? hard to prove and hard to blame and not illegal
Perhaps - I would like to see a way where one's property taxes get fully deducted from income tax as a way to keep people in their homes as well.
if you would, i am collecting exactly this type of data https://docs.google.com/spreadsheet/viewform?hl=en_US&pli=1&formkey=dFlNNHJTRlZwMWs5ZjlhTWN0NlZReHc6MQ#gid=0
Better yet, create your own banks. As such, many more people will come to your side when you are proactive (for “new” Business & Government solutions), instead of reactive (against “old” Business & Government solutions), which is why what we most immediately need is a comprehensive “new” strategy that implements all our various socioeconomic demands at the same time, regardless of party, and although I'm all in favor of taking down today's ineffective and inefficient Top 10% Management System of Business & Government, there's only one way to do it – by fighting bankers as bankers ourselves; that is, using a Focused Direct Democracy organized according to our current Occupations & Generations. Consequently, I have posted a 1-page Summary of the Strategically Weighted Policies, Organizational Operating Structures, and Tactical Investment Procedures necessary to do this at:
http://getsatisfaction.com/americanselect/topics/on_strategic_legal_policy_organizational_operational_structures_tactical_investment_procedures
Join
http://finance.groups.yahoo.com/group/StrategicInternationalSystems/
because we need 100,000 “support clicks” at AmericansElect.org to support a Presidential Candidate -- such as any given political opportunist you'd like to draft -- in support of the above bank-focused platform.
Most importantly, remember, as cited in the first link, that as Bank Owner-Voters in your 1 of 48 "new" Business Investment Groups (or "new" Congressional Committees) you become the "new" Congress replacing the "old" Congress according to your current Occupation & Generation, called a Focused Direct Democracy.
Therefore, any Candidate (or Leader) therein, regardless of party, is a straw man, a puppet; it's the STRATEGY – the sequence of steps – that the people organize themselves under, in Military Internet Formation of their Individual Purchasing & Group Investment Power, that's important. In this, sequence is key.
Why? Because there are Natural Social Laws – in mathematical sequence – that are just like Natural Physical Laws, such as the Law of Gravity. You must follow those Natural Social Laws or the result will be Injustice, War, etc.
The FIRST step in Natural Social Law is to CONTROL the Banks as Bank Owner-Voters. If you do not, you will inevitably be UNJUSTLY EXPLOITED by the Top 10% Management Group of Business & Government who have a Legitimate Profit Motive, just like you, to do so.
Consequently, you have no choice but to become Candidates (or Leaders) yourselves as Bank Owner-Voters according to your current Occupation & Generation.
So please JOIN the 2nd link so we can make our support clicks at AmericansElect.org when called for, at exactly the right time, by an e-mail from that group, in support of the above the bank-focused platform. If so, then you will see and feel how your goals can be accomplished within the above strategy as a “new” Candidate (or Leader) of your current Occupation & Generation.
They resale the homes...after foreclosure for less than .25 cents for each dollar owed! All banks need to be burned to the ground!
Yep. Think that is truth.
My only beef with that idea is I have always lived financially careful. My house is worth more than my loan. So I get no debt forgiveness? Makes me feel like a jackass for living within my means.
But I'd swallow that if it stabilizes home prices.
I would prefer to feel like a jackass in a way that helps other regular folks as opposed to the jackass who helps bailout the banks.