Forum Post: Five (5) Demands: Moratorium, Amnesty, Withdraw, Tax, Investigation
Posted 13 years ago on Oct. 16, 2011, 6:25 a.m. EST by UnemployedLaw
(68)
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As someone who is unemployed with 120,000 in student loan debt (professional degree), we should assert a list of demands that includes items that are feasible, both economically and political.
1) Five (5) Year Moratorium on Residential, Single-Family Foreclosures
2) Amnesty for Student Loan Debt Exceeding a Certain Threshold (20,000)
3) Immediate, Unambiguous Withdraw of Troops from Iraq
4) One (1) Percent Financial Services Trans. Tax on Trading of Derivatives and Other Financial Instruments
5) Investigation Into the Housing Bubble, Predatory Lending, and Foreclosure Fraud ("Show Me the Note")
(1) Will you allow those who have already lost their homes, back into their homes? (2)Notice that you have elected to receive a Professional Degree that obviously isn't very "hire worthy" Are we suppose to help alleviate the debt of those who went to school for 4 years and just partied? (3)You posted this today? Read a newspaper. The guys are coming home Dec. 31 (4)So, you're not against all taxes, just those that apply to you. Sounds a lot like what you're protesting about. (5)An investigation that will show that every loan was made with the signature of the borrower. No one, I repeat, no one was forced to take a loan out that they could not afford to repay. However, Mortgage companies were forced to make loans to people they knew could not repay those loans. Got pissed, talk to Barney Frank and friends.
(1) As to those who have lost their homes, unfortunately, they have already lost title to the property. A moratorium should have been instituted several years ago, which is why we need one now.
(2) The individual is not what is important. In other forums we discussed which degrees ought to apply. It is not about the person or degree; it is about relieving excess debt. This debt cannot be relieved through a bankruptcy proceeding, which is why amnesty is so important. Costs of education have also been exceeding the rise in inflation, which contributes to the excess student loan debt. More importantly, as mentioned, it is to achieve positive economic results.
(3) You missed the "immediate" part as well as "unambiguous." Not trying to be offensive, but those are two critically important words.
(4) I want to be fair and give thought to your comments, but I do not understand what you mean by, "you're not against all taxes, just those that apply to you."
(5) A signature does not have anything to do with predatory lending, if that is what you are referring to. I am not entirely sure what you are referring to. However, you would be surprised, many of these mortgages and notes are lacking signatures. In fact, in many cases, the notes are missing and supported by robo signed affidavits.
No amnesty for student loans. I'm not about to give anybody a free education. You want an education then pay for it. Why some should pay and others given a free pass is ludicrous.
At the very most I might consider allowing zero interest so the debt doesn't get bigger, But I sure as hell want them to pay back every dime they borrowed at some point. I only make about $22k a year and have always paid any money I borrow. Spare me the sob stories.
If an employer owed a worker $20k in wages, you wouldn't dare let them get away with that injustice..... but you are perfectly content with a student stiffing on their loans.
Liberals love to get things and always want somebody else to pay for it if they can get away from it.
The student loan amnesty program would be funded via a Wall St. trans. tax on their financial instruments.
I appreciate your reaction in believing that people are "stiffing on their loans," but that is not the case at all. In fact, this is necessary to generate economic activity in order for the economy to recover.
Excess student loan debt is preventing individuals from purchasing goods/services and participating in economic activity, which is weighing down upon the economy.
The other reason why amnesty for student loan debt is necessary is that it cannot be discharged through a bankruptcy proceeding, therefore this debt will forever be holding down the economy until relieved.
Sorry... but we don't see eye to eye. If you borrow something, you should pay it back unless the person or bank of their own free will decides to forgive your debt. In that case I have no problem with it.
But if you are suggesting we mandate the forgiving of student debt then hell no. If it takes the rest of their life to pay it off, so be it. They knew the risks and obligations when they took on that debt.
That reeks of a nanny state. We sent the message to banks by bailing them out that you are too big to fail and we will reward your bad decisions by bailing you out. When you bail out a student, you are telling them they are too small to fail and we will reward you for making a bad decision by bailing you out.
Both bail outs are wrong and shouldn't be allowed. Live by the sword, die by the sword.
You might be surprised, but I agree with you - and not on the "we don't see eye to eye" comment. In ordinary circumstances, I would say, you accepted this obligation, now you are duty bound to fulfill it. However, we are not living under normal circumstances. People do not have the financial means to service the excessive---in some cases, extraordinary---student loan debt for factors that are beyond their control and circumstances that they did not create.
People assented to those terms, and would willingly fulfill those terms, if they had the financial means to do so. Today, very many do not, even those gainfully employed. Worse, this excess of student loan debt is impacting all of us and preventing the economy from recovering.
We need these individuals with student loan debt to be innovators, entrepreneurs, and so forth. Many are prevented from doing so because their disposable money goes to service student loan debt. We need them building new businesses in their garages and basements and create new jobs from those new businesses.
Like I said... voluntary forgiving of debt? I'm totally down with that, but NEVER mandated forgiving of debt. Sorry but that's my ultimate view on it.
Wouldn't work, but what the hell did you spend $120,000 on? What degrees do you have?
What specifically would not work? I am interested to hear your thoughts on the matter. As to your section question, J.D. I also hold an M.B.A., but I did not obtain student loans for undergrad or business school. Scholarship for undergrad (and worked part-time jobs, RA, etc.) and employer paid all M.B.A. tuition.
Law school devastated me financially. Only debt that I hold, though.
There is no work for lawyers in the USA?
lol
The legal industry has been one of the hardest hit in this economy.
I wouldn't have guessed that at all...
May I suggest remove money from politics. No "donations/bribes" should be allowed
I think that is fair and reasonable, but I am not sure how practical or feasible that is. Politicians are as addicted to campaign cash as Wall St. is addicted to cash. It is their drug of choice. It is a great idea, but they always seem to find a way to get money to politicians.
All the talk about loans being forgiven ignores the people that have savings in the banks. They are the ones that will get hurt if you fail to repay a loan that you initially agreed to. Do you honestly think banks won't find a way to pass any losses on to the small saver/investor, the people that actually need the money? If you signed on to an adjustable mortgage you were foolish, sorry but that shouldn't let you walk away at the expense of all the small savers that will be hurt by your foolishness.
First and foremost, the banks made 100% of profit on that loan when they securitized it. They took a note and made it into a security that they pooled and sold among themselves. They then insured that pooled security (AIG). There is no loss for the bank to pass off; they already securitized it, and the institutions that underwrote the securities (Fannie and Freddie) and those that purchased them (big banks) have already been bailed out. There is no loss to pass off at this point; this making double, triple the money.
Second, you are referring to your servicer, who has an economic incentive to foreclose on you. Why this is not exposed more also baffles me since so many people are in foreclosure. Demand the Pooling and Service Agreement which provides the servicer (your bank) an incentive to foreclose on you.
Third, the way these agreements were structured, sometimes the insurer (AIG) does not allow for your loan to be modified after default past a certain period of time. That is, AIG, which should be in ashes but for your generous bailout, has agreements that prevent the foreclosure crisis from being repaired.
Because of these Pooling and Service Agreements and Insurance Agreements with a stranglehold on the mortgage secondary market, only a moratorium would bring a very (very) necessary healing to the housing crisis that WE DID NOT CREATE.
I am supportive of the movement at large. These forums are instructive but quite unorganized. Could all participants start to cluster under given platforms with agreed agendas and start from there?
Throw the sheep a few crumbs. You are pathetic.
WIN THE PROTEST
Bush, Ashcroft etc are enemy combatants for their orders to rig the explosives that brought down the towers. I can show and explain the evidence they left and was filmed. To continue ignoring 911 is off the charts -- stupid and ignorant.