Forum Post: Occupy Home
Posted 12 years ago on Oct. 26, 2011, 2:05 p.m. EST by Walt1960
(7)
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Try this for an idea - Occupy Home - if we band together and stop making mortgage payments the power of the banks will be broken. They got us into this problem let’s help them out of it by crushing them with nonpayment. I don't think the banks would last 90 days if we all stopped paying. You can’t evict everyone and the spending of the mortgage payments will bolster the economy and create the jobs we all want.
Kestrel - The banks won't close, they will adapt and meet the borrowers demand to have the loan value and interest rate adjusted. The trick here is to be united and decisive no room for wishy washy behavior. United we stand divided we fall.
Kestrel - I like your thinking lets not pay for 1 year or however long it takes.
The flood of money that this would put into the economy would create more jobs and wealth than anything else the gove can do.
don't know what you plan on doing with your newly found wealth... considering that the plan is to close the banks... that will cause businesses to cut back, which will increase the number of layoffs.. all purchases will have to be by barter since no bank accounts will work anymore. so enjoy your wealth....
This sounds like a twilight zone episode, Burgess Meredeth on the steps maybe.
Sweet! When all you idiots lose your homes and have to rent, who are you going to be giving your money to then? That's right, me your neighborhood landlord. You will be paying me market rates for a house I picked up stupid cheap off an REO list.
Dubby - You are correct one bubble did burs but unfortunately the bailout prevented the market correction that was required and yes the bankers got away with one. But this time we would be organized and have a plan to begin repayment of the loans. No payment until the loan value is in line with 80 percent of the current appraised value. This would create liquidity in the housing market and restore the process to the way it was prior to the lending debacle
Walt1960 - You are completely retarded. Hahahaha I just want to meet you in real life to laugh in your face not only are you old and useless you have no hope in the future! Good luck living in a tent forever you dumb hobo.
Walt1960 - You are completely retarded. Hahahaha I just want to meet you in real life to laugh in your face not only are you old and useless you have no hope in the future! Good luck living in a tent forever you dumb hobo.
Umm see that is what, basically, has already happened. The bursting of the real estate bubble? That was because people couldn't pay their mortgages and therefore stopped paying their mortgages. Many, many, many people did this. We already know what this looks like and we have a pretty good view of who suffers, and it hasn't been the banks.
Just for clarification - I have a 30 year fixed and I make my payments every month and have for many years. But you’re not going to fix the problem by struggling to make your payments as the value continues to tumble. The market needs a quick correction and the banks and lenders need to make the adjustment
That is an excellent idea!
Banks will choke to death on that one!
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Kestrel - You are missing the scale of my suggestion - If we all fail to pay there will be no bailout - What I'm suggesting is far to big for the US gove to fix!
Strength in numbers my friend
what? say 100 million homes (too large probably) fail to pay $1000 per month for three months.. the bailout? at most $300Billion... They have done that more than once.
problem is that your numbers aren't large enough... you need more like a billion homes not paying for 6 months, now you are are $6 Trillion and you are half way to what fed bailed out last time.
Home prices are going correct themselves eventually but in the meantime we will all be upside down and struggling to make ends meet with our new lower wages. The only quick way to fix the problem is to recalculate the values and adjust the loan amounts.
actually... only people who bought between 2000 and 2008 (with the exception of about 8 counties) aren't upside down. I bought in 1995 and still up 200% from when I bought. Of course, houses are places to live and not investments so upside down or not is really irrelevant.. what matters is how much you pay to live in it.
Wrong... all the banks have to do is tell freddie and fannie that you didn't pay your bill, they get their money from the us treasury, you get evicted, the bank gets the house (and the money) and you get to repay them by way of your taxes. Somehow, this plan really doesn't work.
totally agree. you're going to pay either way.
Occupy Home – When the banks want us to restart mortgage payments all they have to do is restructure all of the existing home loans to reflect a value of 80 percent of the current appraised value at the current 4% interest rate.
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