Forum Post: We need legislation to separate wallstreet from residential property
Posted 12 years ago on March 24, 2012, 6:21 a.m. EST by richardkentgates
(3269)
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Exactly as the title says. The banks are now turning the foclosures into rental properties. Soon we will be a nation of temporary wage slaves. Gas will be so expensive in the near future we will all be riding bikes to work so we can pay for our rented lives.
Those of you that are serious, need to start getting your friends and family involved in the movement. The final stages of our new future are being solidified by the 1% and we need to be as loud as ever.
How do you get legislation from a movement that eschews the system? Protest alone has never gotten things done. You need to work within the system we have to replace it or change it.
Rent or own, what difference? Most don't truly own their home for 30 years. As for slavery, all life is a required to struggle to survive and is a slave of sorts to their daily needs and desires.
I'm sorry you live in such a sad reality. The difference between those who decide how they get through the struggle of life and those who go through it by the will of another is something I wish you understood. Knowing such liberty is the very essence of freedom. Or is it that we give up some freedom to conform to society so we may as well give up all our freedoms? The american dream is for rent?
Liberty is a state of mind. Personally I feel free, in a political sense. I chose to get an education, chose my job, choose how to spend my spare time. Still, at the very least we are all slaves to our basic needs. We need food, water, shelter to live. To get them we work, at one time we killed for them.
You're chasing an illusion, an equality that will never exist. Man is imperfect and has the government he deserves. Today the elites come from the corporate world, tomorrow they may come from some workers committee. Given time those given or taking the responsibility to govern will become corrupt too. There will always be a minority that feel they are ruled by others.
The real problem is there will always be a majority that fail to get involved in government and inadvertently allow corruption to enter and advance. That lazy majority is why the current system has failed. Until you change people, it's why whatever comes next will fail too.
Blurring the line so your argument sounds more reasonable, does not have it's desired effect.
Not really, trying to expand from a overly general sentence or two, take it as you like.
Great post! Keep spreading the message!
If they voted for the bailouts of the fraudulent financial industry instead of a REAL solution, don't vote for them in the upcoming elections. If they voted for the Financial Modernization Act in 1999, don't vote for them. If they think Wall Street is more important than Main Street, don't vote for them.
Why are we helping out Wall Street instead of Main Street? Is this the United States Congress or the board of director's meeting for Goldman Sachs? - Dennis Kucinich - http://www.youtube.com/watch?v=YimTs6Q_xD0
Bank of America has no future ... and restoring Glass Steagall would help this situation in some aspects. Really, it's BIG banks that are the problem, not small community banks/credit unions. I don't think responsible lending is a problem, nor is home ownership. But of course the events leading up to the 2008 financial crisis were anything but responsible. If we can bailout these crooked banksters, we can bail out homeowners (and of course we should do just that). It may be impossible to help every single person (some people really did buy homes that were way beyond their ability to afford), but we can help homeowners who are able to afford a mortgage on the current market value of their homes.
What is really hard to understand is - If the bankers were bailed out. Should that not have hit some sort of financial reset button? Why did all of those mortgages get totally scrapped anyway? Why are they still being scrapped?
There is something seriously wrong with this picture.
It's more than wrong ... it's gangsters doing what gangsters do, if we let them. I'm sure the wall street crowd would take issue with the term gangster, but what is a gangster? When the mob creates a new scheme to creep around the edges of the law, which may be legal (until we learn about it), are they not gangsters because they were in technical compliance with the law (even though they were ripping people off on a mass scale)?
And it is organized crime. Gangsters is fitting.
Now we just need more people to point this out to the reluctant justice department. There was plenty of normal fraud that went down.
Hi richard, Good post. Best Regards
Thx!
You are so right, Richard. This is a momentous time for Americans. If we don't act soon it will be deleterious for our futures. Here's a link to BofA's plan for a "mortgage to lease" program:
http://money.cnn.com/2012/03/23/real_estate/bofa-mortgages-foreclosures/index.htm
Thx!
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Exactly !!! Exactly!!! Exactly !! - Commercial (Multiple Property Realty Trust Operations and Corporations vs. Residential Ownership) ZONING LAWS
Homeownership WAS the American Dream from the get-go it's how America began!!! Land Ownership IS Freedom.
Man I'm glad to see someone understand exactly what I was saying.
Agree with title, "We need legislation to separate Wall Street from residential property," but it'll be a bit more difficult now that the big banks realize they can squeeze an ROI of 6-9% as landlords vs. 3.5% for mortgages (if residential finance stayed mostly a local matter, it'd be a heck of a lot better for our nation as a whole). I'd reckon a guess that the banks will only really start to unload their properties whenever interest rates climb and people start to feel more confident in "homeownership" again. Then I suspect it's rinse, wash, repeat and back to 2007 again.
Somewhat rethinking my earlier comment after reading the link provided by beautifulworld: "While Bank of America (BAC, Fortune 500) will retain ownership of the properties at first, homes in the pilot program will be transitioned to investor ownership." So instead of the wonderful securitized mortgages that crashed many a pension fund and burned many foreign institutional investors, we'll see securitized leases in the future? Beautiful! Diabolical, but beautiful, indeed!
I disagree. I think derivatives have the potential to make housing more affordable like life insurance pools made it more affordable for most everyone to get some coverage. I support a land tax. Make these banks sell these properties by making them a liability and clear the real estate market.