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Retribution Against the Financial Elite

Occupy Wall Street Goes Home

Posted 2 years ago on Dec. 1, 2011, 3:04 p.m. EST by OccupyWallSt

On December 6th Occupy Wall Street will join in solidarity with a Brooklyn community to re-occupy a foreclosed home. The day of action marks a national kick-off for a new frontier for the occupy movement: the liberation of vacant bank-owned homes for those in need. The banks got bailed out, but our families are getting kicked out. The fight to reclaim democracy from the banks is growing from Wall Street to Main Street.

The NYC foreclosure tour and home re-occupation is part of a big national day of action on Dec. 6 that will focus on the foreclosure crisis and protest fraudulent lending practices, corrupt securitization, and illegal evictions by banks. The Occupy movement actions, including eviction defense at foreclosed properties, takeovers of vacant properties by homeless families, and foreclosure action disruptions, will take place in more than 25 cities across the country.

Millions of Americans have lost their homes in the Wall Street recession and one in four homeowners are currently underwater on their mortgages. The 99% is bearing the brunt of a crisis caused by Wall Street and big banks.

That's why, all across the country, Americans have begun standing up to the banks that are trying to evict them. It's already happened in Atlanta, Miami, San Francisco, Minneapolis, and cities and towns across the country. Now, it's happening in Brooklyn. Soon, it will be happening everywhere.

Wall Street and the big banks are making record profits while most Americans are struggling to stay in their homes. They break the law with impunity, but millions of us get served with eviction. They make trillions and get bailouts, while we face record unemployment and record debt.

No more! Our system has been serving Wall Street, big banks, and the one percent.

We are the 99%. We are reclaiming our democracy.
And we are reclaiming our homes.

Facebook Event Page
http://occupyourhomes.org

#OCCUPYOURHOMES #DECEMBER6TH #D6- "Homeowners Speak Out" - Mimi Pierre Johnson & Jean Sassine from Rhodes Pictures:


Occupy Our Homes from Housing is a Human Right:

NYC Event Details

Foreclosure Tour: Meet @ 1pm for March starts at Pennsylvania and Livonia. Ends at undisclosed location of home re-occupation. Block party and house warming to follow. Bring gifts and food! Take 3 train to Pennsylvania Ave or L train to Livonia Ave.

March: At 1pm, we are gathering at Pennsylvania and Livonia in East New York, Brooklyn (3 train to Pennsylvania or L train to Livonia) to march through a neighborhood on the front lines of the economic crisis. Along the way, we will take stock of foreclosed properties for the growing Occupy REAL Estate Listing Service, so families can reclaim stolen homes in their neighborhood -- and connect with allies in their communities to defend the human right to a home. The march will end at a house warming and block party for the family and their neighbors. Bring housewarming gifts and food to share!

Mic Check the Subways on the Way

On your way out to the action on Tuesday, come together with other NYC GAs for a Subway People's Mic! Here are the meeting points:

Bronx: Hunts Point station, 10:30 am

Queens: Roosevelt Ave/Jackson Heights,11:30 am

 Brooklyn: Atlantic Terminal Plaza, 11:30 am

Staten Island: Staten Island Ferry, 11:00am

Feel free to just show up and join in, or help bottom-line by doing the following: 

  • Put up signs directing people to OWS: Taking back our home, or 'JOIN US IN TAKING OUR STORIES TO THE TRAIN', whatever you want your sign to say. 

  • Encourage someone to start with their first story. Give people gathered a brief intro to using the People's Mic on the train - i.e. only use 4 words at a time, wait for people to finish echoing before starting the next phrase, etc.

  • Get on the 3 or L trains by 12:00 at the latest (trying to get to East NY by1:00), after a few stories have been shared/practiced. Make sure everyone gets on the same train!

  • Be inspired: Start the People's Mic on the train! And let things roll from there! Stay on 1 train car, stay together, but feel free to stop at main stops to do the People's Mic on the platform (places like Union Square or 42nd Street - with tons of people). If people get shy, encourage them to tell their story, give them a smile and a wink.

  • Get off at 3 train to Pennsylvania or L train to Livonia. Join the march from Pennsylvania and Livonia in East New York, Brooklyn, to march through a neighborhood on the front lines of the economic crisis. Along the way, we will take stock of foreclosed properties for the growing Occupy REAL Estate Listing Service, so families can reclaim stolen homes in their neighborhood -- and connect with allies in their communities to defend the human right to a home.

173 Comments

173 Comments


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[-] 17 points by mserfas (652) from Ashland, PA 2 years ago

This is a very important message for OWS to send. We should remember that during the (first?) Great Depression, it was accepted, normal procedure for businesses that ran out of money to be padlocked, for the work they did to stop. This was amended by the Bankruptcy Acts of 1933, 1934, and 1938, until the system of breaking up businesses and selling their assets, or leaving banks in control of their assets, was largely replaced with the Chapter 11 system whereby courts appoint a trustee to keep the company running. This has culminated in a very indulgent system, whereby American Airlines, for example, declared Chapter 11 three days ago, and now may transfer $10 billion of pension liabilities (1/3 of the total NIH budget for public biomedical research!) to the taxpayers.

Meanwhile, for the ordinary homeowner, nothing has changed. If the mortgage can't be paid, the house is padlocked - maintenance is spotty if done at all - often the banks are deliberately tearing down the homes and donating them to townships as "open space" for what is just maybe this country's most perverse tax writeoff. Why can't the homeowner who can't pay get a court trustee to draw up a plan to keep the house occupied and the bank getting whatever is feasible?

Instead we have a system whereby homes go vacant, there is (temporarily!) a glut of housing on the market, home values in the area drop, people who owe mortgages go "underwater" and can't borrow through any brief adversity, the banks lose money on bad loans, the people get thrown out on the street, and the economy goes to hell largely on the back of a real estate bust. And why? For what possible reason?

[-] 13 points by SwissMiss (2435) from Ann Arbor Charter Township, MI 2 years ago

Exactly!!! And those foreclosed upon houses bring down the value for other houses in the neighborhood, so it's not only a loss for the homeowner but also screws everyone else within a certain distance of that home.

I heard that American Airlines has $4 billion in cash sitting around. Why in the hell is it going bankrupt if it has that much cash on hand???

And people are against OWS and are calling those who support it and protest fools and all kinds of other names, while they are perfectly happy with our system that screws the average person and favors the rich and corporations.

[-] 10 points by struggleforfreedom80 (6275) 2 years ago

I´m sure many of you have seen that scene in "Capitalism A Love Story" where a small neighborhood chases away 9 police cars coming to throw the family who occupied their forclosed home out. With those achievements of a small neighborhood in mind, just imagine what a huge growing movement can achieve.

yours struggleforfreedom

[-] 0 points by alouis (1511) from New York, NY 2 years ago

Rise Like Lions After Slumber

http://metanoia-films.org/rise-like-lions/

[-] 1 points by Aaarlines (2) 2 years ago

American Airlines is going bankrupt because, like mentioned, they have excess liabilities.

To be a bit more granular about it, American Airlines has a total asset position of (all numbers in US$) 22bn, and a total liabilities position of 29bn. That means that everything AA owns, at fair value, will not pay back everything they owe.

Now, as mentioned, they have a 5bn cash position. The problem is, this cash position will already be factored in to total assets, so even with that cash, they are still owing a net 7bn.

I haven't looked too much in to the bankruptcy, but the actual filing is probably due to loan/bond maturities coming due, as opposed the asset liability situation.

It is unfortunate about employees losing their pension, but this is a factor of doing business. It is better they lose their liabilities, and some retain their job in some form, than all to lose their job AND their pension. (I would also like to point out that, as much as it is an individuals duty to struggle for higher wages and better benefits, it is as much a business owner's duty to struggle to keep costs down. It is the nature of work, and not the nature of "the evil 1%". However, this is not the point of the conversation).

Really, anyone who thinks American Airlines is an inherently evil big business type of story should really read more about it. The CEO resigned because of this bankruptcy, after fighting it for years. According to the Financial Times, he believed bankruptcy was morally wrong, and was no longer fit to lead the company since he led it to bankruptcy.

The captain crashed his ship into an iceberg, despite all attempts to do the otherwise. And he chose to go down with his ship. That is an admirable thing for the man to do, no matter on what side of the OWS line you stand.

[-] 1 points by ForwardWeGo (99) 2 years ago

And for that you imply the employees of AA should be grateful to have lost their pension but not their job? Are you kidding? The employees should Occupy their company and take control of the business, then those lost pensions will have clearly become a debt collected by the people.

[-] 0 points by NewEnglandPatriot (916) from Dartmouth, MA 2 years ago

Everything will become a debt shared by the people. The people that work, and try work harder for less and less. Then have nothing to show at the end, and if they do the government takes it. Or the banks end up reverse mortgaging to elderly, so the children have nothing passed down. The banks own everything. I feel very bad for what is left of this generation to the next. The real depression is coming people, I hate to burst the bubble. Oh wait that is about to happen again, the Green bubble, bailout bubbles, and the second-wave housing market bubbles haven't popped yet.

[-] 1 points by ForwardWeGo (99) 2 years ago

And so it goes... Vonnegut

[-] 0 points by NewEnglandPatriot (916) from Dartmouth, MA 2 years ago

No fiction here....Just pointing out facts on where things are headed. It doesn't surprise me. There are still those that are dreaming the American dream, and are not awake to reality. They bash this movement and until experienced for themselves cannot relate. We are in this together when it comes to the long haul.

[-] 0 points by korzib9 (80) from Newark, NJ 2 years ago

AA would still be bankrupt. The courts would take away their planes and give them to their creditors. The employees would not get their salaries. Under the circumstances, yes it is better for them to lose their pensions while keeping their salaries.

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[-] -3 points by korzib9 (80) from Newark, NJ 2 years ago

American Airlines is going bankrupt because the $4 billion is not enough to pay for the liabilities it has incurred.

The people are against OWS because OWS is incapable of formulating any actual solutions.

[-] 2 points by inquiringmindswant2know (5) 2 years ago

what's with the generalities? what are the liabilities and who owns the loans for AA? Could it be the big bad banks that we bailed out are behind their tbls. Is it possible you work for these banks or you're a wannabee? :

[-] 1 points by HarryCrew07 (433) 2 years ago

Something I don't know, how can it be that people are still buying and trading stocks on a bankrupt corporation? AMR Corporation owned AA until the Bankruptcy, but their stocks are still being bought and sold on the NYSE.

[-] 0 points by korzib9 (80) from Newark, NJ 2 years ago

Why does it matter who owns the loans? AA can't pay them. They are legal obligations on AA so it is forced to declare bankruptcy.

It is also possible that I am on a beach in Thailand enjoying the sunny weather. If a bank offers me a good salary I will certainly take the job. Welcome to the real world.

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[-] 0 points by Broadwaychris (1) from Brooklyn, NY 2 years ago

Schmuck, feel free to formulate your own solutions or sit & wait for the system to fix it for you. That's worked out pretty good so far, huh? Stop spitting out the retail opinion your television gave you and step up. The least you can do is think and see for yourself.

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[-] -1 points by korzib9 (80) from Newark, NJ 2 years ago

It works for every lobbyist in Washington. Propose a solution, get buy in from politicians, promise support and votes, line some friendly pockets with campaign contributions, get stuff done. How much money does OWS have? If they really wanted to they too can play this game, but instead they prefer BS symbolic acts that are frankly getting boring.

Look at the world and stop pretending that it is not what it is.

[-] 2 points by HarryCrew07 (433) 2 years ago

Ows looks at the world and thinks "how can we make this work for the most amount of good, for the most amount of people?" Has anyone ever had the answer to that question? Nope.

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[-] 5 points by sqrltyler (207) 2 years ago

Spot on mserfas. I applaud OWS for calling for this action. We are systematically exposing all that is wrong with the way our economy, and our country are being run, and who it's being run by.

Here's a video I made for the 99%. We've awakened, and we won't go back to sleep.

http://www.youtube.com/watch?v=Inncl71jOeU

[-] 2 points by mjmaryjones (2) 2 years ago

Saw your video - amazing. Thank you very much for doing it!

[-] 1 points by sqrltyler (207) 2 years ago

Thank you! It was my pleasure. More to come...

[-] 4 points by Joemalabear (4) 2 years ago

I agree with you. I have rented the same home for 23 years and have paid my rent and utilities faithfully every month. By 2006 my landlord said we had paid off the first mortgage. He turned around and for some strange reason he was able to pull out $250,000 in 2006. At that time because of cesspool problems, that I so fed up with that I got a new cesspool (after his fix didn't work), but both bathrooms need to be redone, as does the kitchen, and don't let me get started on the roof. None of that money was used to do anything that needed to be done. No lis pendens or anything yet, but he keeps talking about having made a mistake.

I've always wanted to buy this home and fix it up could never get the down payment, and I was not going to go for a subprime, or any other funny business, plus I knew that the so-called appraisal of this home was ridiculous, laughable, obscene -- you name it, whatever adjective fits. We now have five vacant home in the neighborhood deteriorating, and you can tell others are having problems because, as with my home, maintenance isn't happening.

I guess what I'm saying is that no only do homeowners get screwed, but renters who do the right thing really get a raw deal. I mean, there are people who would look at my house and say why the heck would want that? I don't know, but after 23 years I kind of know everything about this place and it's my home. The other problem I have is that I work from home -- so if I become homeless I can't work, either.

Would it be a terrible thing for a court to say hey, you've lived there 23 years paying rent starting at $1,100 and on up to $1,500 today, you've paid month in and month out, you've paid the utilities all of those years. I think I've proven that I can handle this. I am part of that problem called "secondary" homes, or investor homes. And you hear over and over again screw those homes, only worry about primary homes. People live in those homes and some of us actually always wanted to own but couldn't because of bubble pricing that's been getting worse in many areas for years (this didn't just start in 2006).

I just want people to understand that renters are people with families and not a bunch of transients that don't want to set up roots. I consider a house a place to live, not an ATM. I have found out through the years that an incredible number of people in my income bracket got their first homes with help from their parents, so without that they would have been just like me -- s**toutaluck.

Just want to remind people that often renters pay for the sins of the banks and their landlords -- a double whammy, if you will.

[-] 1 points by SwissMiss (2435) from Ann Arbor Charter Township, MI 2 years ago

I was loosely considering buying another home (had bought one with my ex-husband back in 2000 but sold it after we divorced) for a few years, but at that time the prices were way too high, so I decided not to. I just bought a house in August, and the only reason I can afford it is because I got a kick-ass deal on it, and my monthly mortgage payments are less than what rent would cost me in my area. I got a really good interest rate. If this wouldn't have been the situation, I still would be renting as well. I never thought I could afford to buy a house on my own. It's only because of the deal I got that I'm able to.

Good luck to you. I hope that you can also find a good deal to buy a home like I did.

[-] 1 points by MiMi1026 (937) from Springfield, VA 2 years ago

FYI for ALL!! In actuallity you are" Leasing" from the bank. You don't own it until the 30 yr fixed is paid off and the deed is in your hand. You pay interest for 10 years on your home before you begin to really make a payment.The main reason why this system of " purchasing" a home HAS to change.

We The People are currently "Slaves to Debt". You can't step out your front door with "paying " to the PTB!

We Gotta make a change!

[-] 1 points by SwissMiss (2435) from Ann Arbor Charter Township, MI 2 years ago

I agree, but I'd rather have something than to pay rent and lease forever without gaining ANYTHING. When one rents, they never own anything and pay forever, so to me, that's even worse than actually owning something eventually. And having my own place where I can do what I want is so much more satisfying than living in someone else's space. If I'm going to be in debt for something, a house is what I choose. I also will be paying extra money per year to cut that mortgage time in half. I don't get penalized for doing so.

And I'm going to re-fi with my credit union in 2 months (have to wait 6 months after the initial mortgage to be able to re-fi).

[-] 1 points by MiMi1026 (937) from Springfield, VA 2 years ago

Swiss,you missed my point. I "own a mortgage". You "own a mortgage" . I don't own my house until I have finished paying the mortgage . The bank is "leasing" the house to me I've been paying on for the past 17yrs.Until Ive paid the mortgage off,I don't own the house,I lease the house. Its a rotten system created in the last half of the last century.It keeps one in "debt slavery"

[-] 1 points by SwissMiss (2435) from Ann Arbor Charter Township, MI 2 years ago

Yes, I agree. I now understand your point. Our whole system is based upon this debt slavery. And people (as a whole) accept it like it's OK.

[-] 0 points by NewEnglandPatriot (916) from Dartmouth, MA 2 years ago

Yep

[-] 0 points by NewEnglandPatriot (916) from Dartmouth, MA 2 years ago

Don't forget even after a mortgage is paid off, the owner is still a TENANT of the county, in that taxes must be paid, or title to the property is foreclosed by the county. Taxes , mortgages, etc. People say I pay my taxes, I pay your salary to workers, my friends our taxes barely make a dent in the debt. It keeps growing and has been forever so something is still wrong. USA corporation went bankrupt in 1933 and has been operating there since.

[-] 1 points by MiMi1026 (937) from Springfield, VA 2 years ago

I agree. When my father passed,the mortgage was opaid on the house.However my mother has to pay $4700.00 in taxes a yr off her teachers retirement. One is never free.

[-] 1 points by palace (1) 2 years ago

I'm not so sure there is a "glut of housing on the market" currently driving down prices. Banks are certainly in possession of a lot of properties, but pushing them all the market drives down prices that they have on their books (housing works on supply and demand). Instead what is happening is a lot of houses are being left off the market to perpetuate a bubble real estate market. In the short term, this has probably slowed a lot foreclosure procedures (not that they are happening at a slow rate), but they will eventually proceed. McClatchy News had some articles on it a couple months ago, stating the inventory list is about DOUBLE (7 million - dated 2 months) the market list (3.5 million - dated 2 months). In effect, this doubles the market price, protecting the banks "investment" while families are left with no housing options. The crime is that in order to save their own books, they are intentionally keeping houses vacant and off the market, and there are families that need houses TONIGHT.

[-] 1 points by BreadLandPeace (359) 2 years ago

What a insightful comment, thank you very much.

[-] 0 points by NewEnglandPatriot (916) from Dartmouth, MA 2 years ago

It was engineered by the globalist bankers. It is unfortunate that even I did not see this coming. I bought a home in 2005, its value went up, then tanked. Only tanked because of the increased foreclosures. I had a good paying job, retirement, healthcare all the great stuff. I was not living beyond my means. If it wasn't for my savings and retirement I would have crashed by now. Unfortunately, I am about to be foreclosed, they "encourage" short sale, I do not qualify for modification. I will lose everything, and it is not my fault directly. I have worked since, but it takes more and more work just to survive. I started digging out in 2010, only to lose several temp/seasonal /part time jobs in between. Now I am being penalized for no health insurance. My taxes went up due to cashing out retirement to hang on. More penalties & taxes. I built up some credit card debt, started gaining ground again only to lose the last job to make way for over seas outsourcing in China. The system is rigged. I used up everything. Was at 849 FICO score and doing great. I fell behind a bit a few months, all of my creditors lowered my limits (55K from Bank of America) to $10 above what I owed on the card. 0% interest transfer, went to 30% and they keep racking on the fees. I did not owe more than a few thousand, and now it has doubled in the matter of six months. They are screwing me and I am sure many others like this. Once you try digging out they lure you in and turn on you.

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[-] -1 points by korzib9 (80) from Newark, NJ 2 years ago

The homeowner and the bank are free to come to whatever arrangement they want as long as it is in the interest of both parties. What you are suggesting that the government come in, tear up signed contracts between the bank and the 'homeowner' and force the banks into a contract that is potentially against its best interest. This is bad because it undermines all existing and future contracts and makes it unreasonable for banks to issue cheap mortgages going forward. Good intentions here would actually cause very bad long term results.

[-] 3 points by mserfas (652) from Ashland, PA 2 years ago

You're partly right. When I speak of having a court appointed trustee administer the arrangement, I'm not talking about a giveaway. (Not that genuine assistance might not also make sense - interest-free loans for people, not just for the big banks, but that's a different matter). The trustee's job would still be to recover maximum value from the property, just like the trustees appointed in a bankruptcy. However, there could be some important differences in how it is arranged:

  • The trustee would be a neutral arbiter interested in maximizing the value received - ego and deterrence would not be a factor. (Consider this story where the bank was refusing to accept a payment, until the sheriff's deputies mutinied - http://occupywallst.org/forum/movers-deputies-refuse-to-evict-103-year-old-woman/ ) The trustee would simply dictate to both sides how it's going to be, rather than having an ongoing battle. (Unless the homeowner is willing to give up the home or the bank is willing to excuse the lack of payment, of course)

  • The trustee would work to maximize the value of all homes under foreclosure, not one home. There would be situations where it would be better to accept slightly lower payments from homeowners than to increase the overall foreclosure rate in the region. Obviously this involves a considerable amount of economic expertise, which I'll admit I don't have, but the point is to avoid a Prisoner's Dilemma among the various banks holding foreclosed homes.

  • In the public interest, the trustee might be directed to avoid certain practices such as tearing down foreclosed homes and donating them for a tax writeoff.

  • The trustee would be in a position to give court orders and ensure compliance in a way that would be only a civil matter for a bank - e.g. when a homeowner requests protection from foreclosure, that he avoids damaging/abusing the property, maintains insurance, maintains heat in the winter so the pipes don't freeze and so forth. I picture that the trustee would be empowered to have the home inspected to ensure compliance. What I'm proposing is not a squat, but some legislative solution meant to preserve the assets of all involved.

  • Last but not least, what I've proposed here is meant to prevent disruption during an economic downturn when there is a glut of foreclosed homes. In a situation where homes are being snapped up like hotcakes, the trustee would simply order the sale of the home, rather than ordering some reduced payment, because the bank would get its maximum value that way. After all, if there is a shortage of homes, then it is only common sense that the person doing without will be the one who didn't pay his bills. But of course, when homes are scarce like that and prices go up, it is rare for someone to face foreclosure without the possibility of refinancing.

[-] 0 points by korzib9 (80) from Newark, NJ 2 years ago

Given that participation on the part of both the bank and the homeowner are voluntary or contractual I don't really have any problem with what you are proposing. Otherwise, if this is some kind of after-the-fact alteration of existing contracts it will have negative effect on the certainty of enforcement of all future contracts thus raising risk and cost and would be very bad for the long-term potential of our economy.

[-] 1 points by mserfas (652) from Ashland, PA 2 years ago

I think that blind enforcement of contracts in finance has gotten this country into some trouble. Too many vulnerable elderly homeowners have lost everything to contracts with arbitrary terms. The same applies to, say, rental car owners who suddenly get socked with a $1000 fee because they went past the state line briefly or that deaf fellow who was abruptly hit with a $20,000 phone bill for text messaging that was free in a different region. I think that there is a role for common-sense justice where judges decline to enforce unreasonable fees and penalties where there is no product delivered. While that might lead to some uncertainty, it would send the positive message to business to focus on making money legitimately, not by trickery.

Bankruptcy is a special case of this where contractual obligations clearly are not going to be met and we accept that, even keeping the business running. Foreclosure should be another. The reason for this being that we see that communities do indeed go into spirals of foreclosure and declining property values. As I said above, it's something of a Prisoner's Dilemma - what makes sense for the individual lender trying to recover value may not be beneficial for all of them collectively, let alone anyone else.

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[-] 2 points by WorkerAntLyn (254) 2 years ago

Here's the point, that was told to me by a real estate professional. These banks foreclose these homes. Then rent these same homes to the people another bank kicked out of their home, or are left with an empty home bringing them in $0. The real estate agent themself said - why didn't they just come to an agreement with the original owner?

Is it for the bank's interests to have a house make them $0, when they could still be receiving payments for it, albeit probably smaller ones? Would it hurt the banks to expand the contract? Turn a 30-year plan into a 40-year plan so the people's payments are what they can currently afford? The banks continue to get money, and the homeowner continues to have a home. Both parties win.

Even if they've lost their jobs and can't pay, what does it matter if the family is there or the house is empty? They don't make money either way. Put a fee on it, since the banks love their fees. For each month that isn't paid, they have to pay an extra amount to own the house in the end. Someone with a house is going to have an easier time getting reemployed then someone living in their car or hotel rooms.

[-] 2 points by demcapitalist (977) 2 years ago

You know the fed has given banks 7 trillion in very low interest loans to cover all the bad bets made on 1.4 trillion in subprime mortgage loans. What would this country look like if the fed had given 1.4 trillion in low interest loans to the homeowners who ended up victims of this predatory lending scheme. For another 1.4 trillion they could have given low interest loans to small businesses to keep all those home owners working until they got their heads above water. That would have cost less than 1/2 of what the fed spent to bail out wall street and insure fat paychecks for their gamblers.

[-] 1 points by Aaarlines (2) 2 years ago

There should be equal responsability (probably more) for those who take loans than those lend. It is only natural; the risk for a borrower is inherently larger than the risk for a lender (because what the borrower borrows will represent a significant portion of their income for several years, while the same amount to a lender is often, usually, almost irrevelant).

Personal responsability needs to factor in to a LARGE portion of everyones lives, whether its taking a bad loan, using drugs, or protesting for OWS (Just saying that everyone should know that there is a definite chance of being arrested at these protests... don't be surprised if it happens. You made the choice to be there, knowing it happens)

Not knocking on the "movement". Just a big believer in personal responsability.

[-] 2 points by demcapitalist (977) 2 years ago

So you think that wall street should take personal responsibility for their bad bets instead of expecting the taxpayer to bail them out ? I'm all for that . How do you think we should get wall street off welfare and into the Free market where they say they want to be?

[-] 1 points by SwissMiss (2435) from Ann Arbor Charter Township, MI 2 years ago

Lending institutions are the ones that should take MOST of the responsibility. If they were giving out loans like giving out Halloween candy, then it's MOSTLY their fault. Not placing most of the blame on them is ridiculous.

[-] 1 points by WorkerAntLyn (254) 2 years ago

I'm aware. Which is exactly why it's criminal for the banks to turn around and kick these people out of their homes. I guess I better say "morally criminal" before a troll jumps on me for pointing out they aren't doing anything illegal. They banks chose to take this risk, it failed, and they get paid for it, and get to kick the homeowners out and do it all over again.

[-] 2 points by demcapitalist (977) 2 years ago

The banks got no interest loans I think it's only fair for the people who pushes these bad home loans on people to share some of those no interest loans with the public, either that or pay the 7 trillion back to the fed.

[-] 2 points by epa1nter (4650) from Rutherford, NJ 2 years ago

Actually, that 7 trillion has been paid back.

That said, I agree completely that regular people have gotten shafted for the sake of the banks.

[-] 2 points by demcapitalist (977) 2 years ago

Oh good then they should have some extra money to lend out for low interest loans to some of the home buyers who got sold these crap mortgages.

[-] 1 points by epa1nter (4650) from Rutherford, NJ 2 years ago

Agreed.

[-] 1 points by WorkerAntLyn (254) 2 years ago

Ya, but they don't have it. They don't even have enough money to give all the people they claim to be holding the money for.

Good point about the no interest loans! How come the banks don't get charged interest for their bail-out?

[-] 2 points by demcapitalist (977) 2 years ago

I know they don't have it--------: > ) that's why I think they have some obligation to share the taxpayers no interest gift to them with some of the taxpayers they preyed on.

[-] 1 points by SwissMiss (2435) from Ann Arbor Charter Township, MI 2 years ago

It is less costly for banks to come to agreements than it is for them to have houses they've given loans on go into foreclosure.

[-] 0 points by korzib9 (80) from Newark, NJ 2 years ago

I repeat - if it is in the best interests of the banks and the individuals they will come to an agreement. The banks don't appear to believe it is in their best interest even if the situation is as you are describing. As such, the question is whether the government should come in and force the banks to do it.

[-] 1 points by SwissMiss (2435) from Ann Arbor Charter Township, MI 2 years ago

A bank isn't going to gain anything by having houses they own sit vacantly while they pay taxes on them. It would make more sense for them to sell them at a lower price. I know of people who's houses went into foreclosure, and the banks that held the mortgages on them were asking way more than market price for them. I guess a lot of it is their fault.

[-] 1 points by WorkerAntLyn (254) 2 years ago

I have mixed feelings about that. On one side, these banks have gotten away with too much. On the other side, our government is already getting more and more invasive into our everyday lives.

I'm sure the banks are counting on being able to play the same ploy again, that's why they want them out instead of making a deal. The main problem is, it's a moral obligation to allow these people to stay, and as we all know the banks fall short when it comes to moral obligation.

[-] 1 points by inquiringmindswant2know (5) 2 years ago

1st of all, banks lend money they don't have. It's called Frac-res-banking. It is not an equal transaction as JOHN DEMPSEY RUIZ A people's lawyer from Canada is trying to prove. He has a class action law-suit against all big banks of Canada with just that in the lawsuit. 2nd of all everyone involved in real estate including and especially the gov't have a stake in closing costs. In NY, there is a 1 1/2 % fee on the mortgage. 1 % goes to the state and 1/2% goes to the city.When people go to close they have to come up with big bucks in order for the banks, RE agents and gov't to get their coffers filled. When these overpriced homes were being pandered to the buyers, all these players were getting a lot of up front money. so the question is 'WAS THE GOV'T COMPLICIT IN THE HOUSING FIASCO?'

[-] 1 points by SwissMiss (2435) from Ann Arbor Charter Township, MI 2 years ago

Yes, the government is one of the guilty parties involved.

[-] 0 points by korzib9 (80) from Newark, NJ 2 years ago

Blah blah blah. Prices were going up and people were rushing head first into borrowing as much money as possible to get the biggest house they can get because they assumed prices would continue to go up. No one had to buy a house.

[-] 1 points by inquiringmindswant2know (5) 2 years ago

are you blaming people for buying into the pyramid scheme or as Bill O'Reilly calls it Class warfare that is "capitalism?" The people behind these frauds count on people jumping on the bandwagon of adversarial advantagiousnes. People want to be ahead of the game by buying lower and selling higher, that's Wall ST. Now you want to blame them for doing exactly as planned. This time the system decided to rip them off and they did mightily knowing full well then could always threaten the gov't to bail them out or a gov't collapse would happen. I call that extortion.

[-] 1 points by SwissMiss (2435) from Ann Arbor Charter Township, MI 2 years ago

You are so delusional.

[-] 6 points by MachineShopHippie (216) from Louisville, KY 2 years ago

PRODUCE THE NOTE - In order to foreclose on a house, the lender has to produce the original, paper note that originated the property transfer.

http://www.huffingtonpost.com/2009/09/22/whos-got-the-mortgage-pro_n_294169.html

Most homes that have been foreclosed on, or are in danger of being foreclosed on, have notes that have been bundled into debt packages and used in credit swaps and bulk financial deals where you might have originated your note with Susie at your local bank branch, but since then that bank has probably merged or closed, and your note has probably been shuffled around through several international financial transactions.

This may be the only time when dealing with a giant bureaucracy helps the little guy. If they can't produce the actual paperwork with your actual inked signature on it, THEY CAN'T TAKE YOUR HOME.

For a more detailed and technical description:

http://www.foreclosureindustry.com/2009/08/the-mers-database-another-piece-of-the-mortgage-mess/

This is great news for all the people who have mistreated by banks and had their homes collateralized into 'mortgage backed securities'.

Rather than occupy houses that have already been foreclosed on (perhaps illegally, but it's done now and that is an uphill battle to fight in court), why not occupy houses that are currently in foreclosure? Be the boots on the ground that actually prevent banks from stealing homes. They don't care about the impact the mortgage crisis is having on fragile state economies, and they don't really care about short term (5 - 10 YEARS) effects on property values, city character, etc. They know that Mark Twain was right when he said "Buy land, they're not making any more of it." This whole inflation of mortgage prices and the bursting of our economic bubble has enabled giant international banks and investment firms to sell property at inflated prices, fully knowing that the day was coming when they would be able to take it all back, piece by piece from people who thought they were buying into 'Home Ownership' when in practical terms they were really just renting and waiting for the economy to collapse.

If we stop any of the current foreclosures, we are not only helping Occupy, we are also helping the entire country by keeping these banks from having a stranglehold on future real estate by having so much of it. In 2010, 26% of all residential home sales were of foreclosed property.

Step 1: Banks sell property.

Step 2: Banks foreclose (frequently illegally) on property.

Step 3: Banks sell property again.

We need to keep our greatest asset out of the hands of the banks. Occupy homes currently in foreclosure, fight the foreclosure where possible, and help save our country.

[-] 3 points by BreadLandPeace (359) 2 years ago

Thanks for this important information.

[-] 2 points by Thisisthetime (200) from Kahlotus, WA 2 years ago

Excellent information. Thank you.

[-] 5 points by DKAtoday (33128) from Coon Rapids, MN 2 years ago

Re Occupation should most definitely happen!!!!!!!!! The banks got paid for their failed mortgages, so they should not be able to resell those properties ( be paid twice ).

These properties need to be taken off the market and returned to the people who lost them. The Banks have been paid so they have no legal right to those homes.

After returning the properties to their rightful owners, the Real estate market need to be revalued to reflect what the major portion of the 99% can actually afford on the wages they earn not on what bankers would like to charge.

Lets get back to reality. Current costs for food, electricity, gas, housing, clothing, etc., etc. does not reflect the reality of what the average 99%er earns.

[-] 5 points by tulcak (698) from Prague, Prague 2 years ago

This is what I've been talking about!!! YES!!! When I first saw Occupy protesters "occupy" a home whose family faced eviction and won, I knew this is where the movement should be. The mortgages are the core of the issue. About everything. The economic collapse, corporate greed, the death of the American dream, the conditions of the American worker, and the impunity that corporations act with. Its all there. And, this is the weak spot for corporate control. When we take our homes back, we will take our economy back. LOVE IT!!!

[-] 5 points by Joe4more (165) from Cranston, RI 2 years ago

This is a great effort to push the mortgage mess onto front pages and news headlines. More Americans need to learn what really happened and how the gov't is dealing with the crisis. The more OWS grows, the more information we learn; knowledge is power, and as the enlightenment expands so goes the influence that can be harnessed for the benefit of the 99%. We bailed out Wall St. but can't find the money for Main St.

[-] -2 points by lec0rsaire (2) 2 years ago

The economy and world depends on Wall St. and the markets. If they would have collapsed the situation would have been much worse everywhere right now. There is no way to bail everyone out and have houses for everyone. That sort of utopic system doesn't work anywhere. Life is not fair. Some have more than others. That's the way things have always been. Best you can do is educate yourself and join a profitable field. It's common sense that if you have a graduate degree you will be much better off than someone with a H.S. diploma.

[-] 4 points by Mike333637 (16) 2 years ago

The average student loan debt for 2010 college graduates was over $25,000, the highest on record. The unemployment rate for new college graduates is 9.1 percent. That doesn't include the severely underemployed people who are patching together part-time and temp jobs because they can't find a job that pays them for the expensive degree they earned. Wages are stagnating (and in some cases decreasing) and companies are not hiring, even as profits and worker production increase. It's not as simple as "educate yourself and join a profitable field" anymore.

We don't want free money or free houses for everyone. We want our government to stop the corporations from kicking our asses, and to help us up off the ground. If we get a chance to get back on our feet, we'll be okay. There's a whole lot of real things that the government can do to make that happen, and none of it involves "punishing success" or "coddling losers" or "Communism" or any other misrepresentation that is going around.

[-] 12 points by Mike333637 (16) 2 years ago

Also, even if "life is not fair", it can sure be a hell of a lot more fair in a country as staggeringly wealthy as the United States. The cost of education in this country is not fair. It can be, and it should be. The cost of healthcare in this country is not fair. It can be, and it should be. Furthermore, life in this country shouldn't just be fair for people with graduate degrees, it should be fair for everyone. That isn't to say that someone flipping burgers should get paid as much as a cancer researcher, but even people that can't go to college shouldn't have to worry about many of the things that they do now.

The reality is, you can still pretty well figure in this country whether any particular person is going to end up a dropout or with a graduate degree, a prisoner or a 1%er, based solely on where they were born, who their parents were, and the color of their skin, no matter how hard they're willing to work or how much they'd love to educate themselves. That's not fair. That can change, and that should change.

[-] 1 points by BreadLandPeace (359) 2 years ago

A great comment, thank you.

[-] -2 points by Gileos (309) 2 years ago

More fair? rofl!

[-] 1 points by Joe4more (165) from Cranston, RI 2 years ago

Do you rofl wen tipos hapen to?

[-] 1 points by Gileos (309) 2 years ago

No sir, i do not.

[-] 3 points by RogerDee (411) from Montclair, NJ 2 years ago

The system is broken, we are going to fix it. We aspire to a higher calling.

[-] 1 points by JosephCouture (45) 2 years ago

Some people have no wish to “fix the system.” They prefer to remain outside of it and live independent of the conventional structures. One former homeless man tells the story of how he found freedom in dropping out and doing it his own way.

Read “The Revolutionary Act of Simple Survival” at www.josephcouture.com

[-] 1 points by jjuussttmmee (607) 2 years ago

we want a working system, whatever it will be we want it to be fair and just. however we need to go to get there we need to do it

[-] 1 points by Joe4more (165) from Cranston, RI 2 years ago

First of all, there is a way the gov't can play a roll in resolving the mortgage crisis. I've heard of things ranging from rewriting the loans to, in some cases, "buying out" some of the mortgages which were originated in bad faith. More importantly, you say "life is not fair. Some have more than others. That's the way things have always been." You're right to the extent that we live in a "class" system; however, when the distribution of wealth is skewed to benefit one class to the detriment of another, then the question of fairness come into play. Clearly, the playing field is tilted if favor of the rich and powerful. Righting the ship is what OWS is all about. I think you are missing the point of the movement.

[-] 1 points by ahbregman (18) 2 years ago

The system you speak of does not work, the "economy and world" is falling apart, too bad it didn't get much worse because then at least we would be talking about real change and not more band aids and topical fixes, the problems are systemic and require complete reorganization. Wall St. and these markets have been spiraling down for years because of failing and fading regulations. Please learn to think outside of the box you are obviously confined to, the future does not have to mirror the past, we must learn to evolve our social, political and economic systems to work here and now. Why rely on these systems when they have done such harm?

[-] 5 points by clausenjan (4) from Brooklyn, NY 2 years ago

This is brilliant. I live in a Brooklyn neighborhood (Prospect Lefferts Gardens) that is undergoing rapid gentrification, with so many of my neighbors being pushed out. In my immediate area, I believe apartment rental prices are more of an issue than foreclosures, but nevertheless I've been able to see at first hand how the whole housing question is crucial to our campaigns for equality and economic justice. Many weeks ago, the very eloquent web site Black Agenda Report, in a post generally supportive of OWS, called for "occupying the Goods in the Hood" and this campaign is right on track to speak to that imperative.

[-] 1 points by WorkerAntLyn (254) 2 years ago

Apartment rentals in many areas are ridiculous. They used to be what people who had less could afford instead of the houses the more fortunate had. Now their prices in many areas are so high, people buying houses have cheaper payments.

Not to mention the additional fees. Deposits are now equal to a month's rent or more. People struggling to pay bills can't afford to pay double just to get into a place. And if you have a pet in some areas, forget it - even though anyone will tell you that dogs are good deterrents for thieves. I once had a complex quote me $900 for a pet deposit. On top of the regular deposit and first month's rent.

[Removed]

[-] 5 points by TR11005 (7) 2 years ago

That is the greatest thing! We needed a plan to take back that was not the banks. Were kicking them out! How sweet it is!!!

[-] 4 points by struggleforfreedom80 (6275) 2 years ago

Agreed. A wonderful initiative.

struggleforfreedom

[-] 4 points by GypsyKing (9727) 2 years ago

Make sure that occupy lawyers pick those homes first, whose mortgages have actually been lost, and therefore the bank has no legal right to retain. That would make retalliation a lot more difficult.

[-] 3 points by flang23 (47) 2 years ago

This is a great idea! Keep up the good work!

[-] 3 points by zkgreen11111 (14) 2 years ago

Thanks OWS for standing up for the "rights" of the American citizen whose voice is not heard!!!

Never give up. A lot of people support this MOVEMENT. You may not know us, see us, or hear us. But, believe me. We stand behind you in this effort that is changing the course of HISTORY!!!

God Bless!!!

[-] 3 points by bsew64 (5) 2 years ago

Now we can accomplish something good and right I am so proud of you!

Bill Seward

[-] 3 points by SelfReliant (94) 2 years ago

mserfas: good post. Something similar to Ch 11 individuals would make such good sense. Great post.

Swiss Miss, unfortunately that amount of cash is not enough as it is largely due to borrowing (AA's short term working capital ratio is dismal and it has a high daily cash burn rate that is unsustainable, essentially a insolvent in the medium term). A real travest of justice if the bk judge allows them to raid employees pension fund....shameless if they do.

[-] 2 points by BreadLandPeace (359) 2 years ago

Could the airline get away with that, raiding the pension fund? Sorry to sound naive, but I don't know how it works. Thx.

[-] 1 points by Thisisthetime (200) from Kahlotus, WA 2 years ago

Yes, the Corporations Can and Have Raided the Workers Pension Fund. It is not uncommon for Corporations to have a ceo and upper-level management in place that are familiar with Raiding Workers Pension and the nuances of The Bankruptcy Process. Fortunately, the United States Government(we the tax-payers) guarantees a certain percentage of Workers Pensions that were Stolen by the very Company that they worked for!?! Fair-ness.

[-] 1 points by BreadLandPeace (359) 2 years ago

I really appreciate the reply. I just didn't know if American Airlines would be able to get away with it. I worked for a big Wall Street law firm that I think was representing the Singer company back in the 1990's and helping it to do just that, steal the workers' pensions. I don't know how it's done. Thanks very much.

[-] 3 points by SeaChange (134) 2 years ago

Brilliant!! I know you'e been doing this for a little while, but I think this is really one of OWS's best actions yet. Zucotti helped us consolidate our people power. Now it's time to use it or lose it, and this is one of the best uses I can think of.

It's good to identify what's wrong with the system as we have been doing, but here's a way that we can help to make it right, one house at a time. People are empowered by positive solutions. It shows that "another world is possible" not just that "this system sucks"

[-] 3 points by rebel19934 (3) 2 years ago

The economic depression we are feeling now will take many years to heal. The sufferage of homelessness, starvation and unemployment is spreading throughout the world. Our politicians have sold out our country, our freedom and our liberties in the name of greed. The constitution has become a meaningless piece of paper. Our history our America is slipping away from the roots formed from the blood and lives of our forefathers and those sacrificing today. We cannot remain silent anymore.

[-] 3 points by ludacris (6) 2 years ago

After committing fraud, breach of contract, etc., Wells Fargo (formerly Wachovia) sent me an Intent to Foreclose letter. The matter is well-documented and includes forged documents. If people would like to occupy our home, please call me at (973) 539-9286. There is a foreclosed home around the corner from me too. I live in Morristown, New Jersey. Thanks!

[-] 3 points by bkoatz (14) 2 years ago

Yes. Let's keep up the fight, guys!

[-] 3 points by AUSCitizen (8) 2 years ago

"Through their state legislatures and without regard to the federal government, the people can demand a convention to propose amendments that can and will reverse any trends they see as fatal to true representative government.", - President Dwight D. Eisenhower.

I think it is time ows and others organize better and form conventions for Article V changes. Unity in message and directive will make you a more powerful entity. The more powerful your entity, the faster you will get the changes.

[-] 2 points by steven2002 (363) 2 years ago

Yes we need to occupy the foreclosed homes. We need to break in and demand that the homes be returned to there rightful owners. If the cops try to evict us we need to fight back with what ever we have. It's time to take a stand.

[-] 2 points by mantelln (8) 2 years ago

Hey everybody reading this, even if you don't agree with or fully understand the messages OWS is sending to people, please advertise the events. Read a littke excerpt of what it is gonna be about on the train or hand out flyers or put them up on the street one day on your way to work. Its important to get out the message that there are outlets available like these to people who understand, or are personally affected by these issues but don't know that there are events going on to allow them to express themselves. It's important to get widespread geographic coverage of these messages into the areas in which the messages are relevant. We can increase that coverage greatly if every person reading this would just do a few small things to get the word out.

Anybody who lives somewhere that you think would be affected by this kind of stuff and that you think people who get your message can get to the action, Don't be afraid to let people know!

Its the way of the ffffuuuutttttuuuurrrreee!

[Deleted]

[-] 2 points by HarryPairatestes2 (380) from Barrow, AK 2 years ago

http://blog.nj.com/njv_barry_carter/2011/05/carter_newark_man_acts_as_his.html

Read about Mr. Newman. I don't think anyone or any group wants to be associated with him.

[-] 1 points by ludacris (6) 2 years ago

I did. You are right!

[-] 2 points by alouis (1511) from New York, NY 2 years ago

All the greatest success in the world with this action!

[-] 2 points by anoymous999978 (4) 2 years ago

It all go back to occupying in front of the white house.

[-] 1 points by MiMi1026 (937) from Springfield, VA 2 years ago

I think you mean Congress!!!

[-] 1 points by inlikeflint (42) 2 years ago

What?

[-] 2 points by lovebug (20) 2 years ago

This is what OWS says, when the cops remove us. I'll be back! spoken by the terminator.

http://www.youtube.com/watch?v=M1ypn0y32Ac

[-] 2 points by robes (63) from Maplewood, NJ 2 years ago

im all for this... but why on tuesday???

i want to come... but i need to make money to survive.

[Removed]

[-] 1 points by blazefire (947) 2 years ago

Thanks to all ocuupiers for their efforts!

[-] 1 points by SuzannahBeTroy (28) 2 years ago

Deutsche Bank giving OWS Nazi treatment 60 Wall Street http://suzannahbtroy.blogspot.com/2011/12/deutsche-bank-re-creates-early-stages.html Please watch these 2 YouTubes -- they are in the blog posts but I will give direct links --- http://youtu.be/kK5odi345tc and this one http://youtu.be/_V6hOPjpr58

[-] 1 points by Marlow (1141) 2 years ago

Eyes Wide Open,.. Hearts Afire, ..Feet to the Ground! WE are the 99% ... and We will STOP the Tyranny of those who Abuse our System and the Citizens with a Mere wave of the Hand.!

Occupy goes HOUSE HUNTING! Join US! Bravo!

[-] 1 points by itsme2 (45) 2 years ago

I saw some coats at Kohls that weren't being worn. I know there are people that need them in this cold weather. Why shouldn't these people have a right to these coats? Occupy Kohls?

[-] 1 points by youdontknowwhatyourdoing (1) 2 years ago

you guys are really stupid, you can't just think that it is a human right to have a house so take back the house you knew you couldn't afford that is why you are in this situation stop living outside your means. the government's job is not to give you a free ride. start paying for your shit you guys are stealing from people who act. work instead sitting around all day long. get real life!

[-] 1 points by rhydsfar (2) 2 years ago

"Injustice anywhere is a threat to justice everywhere." -- Martin L. King, Jr.

[-] 1 points by rhydsfar (2) 2 years ago

I have been supporting OWS from the moment I discovered it, but I am very disappointed that no one was willing to occupy our home (December 6, 2011) in Morristown, New Jersey which is being threatened with unjust foreclosure. In fact, the few people who formed Occupy Morristown were not responsive at all. Their site mentions that anyone taking out a vendetta or making personal attacks will be swiftly removed. When you think about it, this whole movement is a vendetta -- fighting back against the banks and other injustices that are being perpetrated on the 99%. The fact that this happened is beginning to make me believe that there are government leaders behind OWS and that they are being selective about the people in foreclosure or being foreclosed on that receive support. It should not be about exposing some of the perpetrators and protecting others! I am seriously beginning to question OWS and to understand why I see only a few black Americans in the crowd. It's beginning to look like we -- as a whole are not reallyconsidered part of the 99%.

[-] 1 points by Socraemereau (2) 2 years ago

In all due respect, I feel this is a fruitless, misguided, pointless act, that will only serve to further caricaturize parts of the protest, by the skilled opposition, as "spoiled brats" wanting free rides/handouts? Of course this is BS, but the perception of this act of re-occupying these foreclosed houses, serves what cause? Its a symbolic nightmare, and makes me uncomfortable/annoyed and I agree with the occupy cause. My greater point is that there needs to be a better strategy from Occupy. I think the best strategy is proven and extremely effective: organize massive boycotts of any and all major corporations including banks who have participated and/or had a hand in the collapse of our economy. Simple and accomplishable!! In fact, boycott any and all major company, or company whose CEO's pay, is exponenitally and unjustly higher than the average worker (like 300 times higher, versue decades ago average of only 30 times higher)!! If you want to strike an enemy a death blow, and gain their attention and respect, THIS IS THE ONLY WAY!! Otherwise, they look at you like a fly on a their, elephant ass. A boycott would be the first occupy tactic with teeth - the numbers and scale are wonderful, but are just that crowds and pomp - little effect, yet, versus, what it could and should accomplish, with the scale of injustice and the numbers committed to rectifying it!!

This is excactly what MLF did under far more dire circumstances, with race discrimation, etc.... He organized a boycott of the bus company that mistreated Rosa Parks, and won, in less than a year, despite death threats, his house being vandalized and him put in jail. If we can't relent and learn from a man of his stature and abilities in how to take down the evil forces, here of greed, rather than hate, after he laid the blueprint, so selflessly, courageously and justly - then justice will likely never come, as swiftly as it deserves to, and the injustice only continues!! Illegally occupying a foreclosed home, is surely not the way and I fear a victory for the enemy. Please: BOYCOTT, BOYCOTT, BOYCOTT, and occupy will truly become historic!!!!!

[-] 1 points by Socraemereau (2) 2 years ago

In all due respect, I feel this is a fruitless, misguided, pointless act, that will only serve to further caricaturize parts of the protest, by the skilled opposition, as "spoiled brats" wanting free rides/handouts? Of course this is BS, but the perception of this act of re-occupying these foreclosed houses, serves what cause? Its a symbolic nightmare, and makes me uncomfortable/annoyed and I agree with the occupy cause. My greater point is that there needs to be a better strategy from Occupy. I think the best strategy is proven and extremely effective: organize massive boycotts of any and all major corporations including banks who have participated and/or had a hand in the collapse of our economy. Simple and accomplishable!! In fact, boycott any and all major company, or company whose CEO's pay, is exponenitally and unjustly higher than the average worker (like 300 times higher, versue decades ago average of only 30 times higher)!! If you want to strike an enemy a death blow, and gain their attention and respect, THIS IS THE ONLY WAY!! Otherwise, they look at you like a fly on a their, elephant ass. A boycott would be the first occupy tactic with teeth - the numbers and scale are wonderful, but are just that crowds and pomp - little effect, yet, versus, what it could and should accomplish, with the scale of injustice and the numbers committed to rectifying it!!

This is excactly what MLF did under far more dire circumstances, with race discrimation, etc.... He organized a boycott of the bus company that mistreated Rosa Parks, and won, in less than a year, despite death threats, his house being vandalized and him put in jail. If we can't relent and learn from a man of his stature and abilities in how to take down the evil forces, here of greed, rather than hate, after he laid the blueprint, so selflessly, courageously and justly - then justice will likely never come, as swiftly as it deserves to, and the injustice only continues!! Illegally occupying a foreclosed home, is surely not the way and I fear a victory for the enemy. Please: BOYCOTT, BOYCOTT, BOYCOTT, and occupy will truly become historic!!!!!

[-] 1 points by polo (63) 2 years ago

i dont disagree with this but i kept my house and was not fooled. i am not in the one percent but if people who failed to keep their homes for nothing, can i get rewarded for managing to hold on?

[-] 1 points by lomtevas (12) 2 years ago

I served almost a dozen years on active duty with the army. I am supposed to get veterans home loan benefits.

When I apply, the loan officer says my last two years of income are used to determine the level of my loan. $20,000 annual income yields $50,000 for a home loan. These days, $50,000 will not buy a good car. On top of this, I would have to move a thousand miles away and find a desert to buy a home for that price.

So banks keep homes in their inventory and do not advertise them. Service members live in the streets. The same banks also do not loan sufficient amounts of money so people cannot get the homes. This means banks are holding on to these properties waiting and hoping the housing market will heat up again and then release them for sale at egregious prices.

[-] 1 points by badmoonie (3) 2 years ago

Over Thanksgiving weekend I flew to New York to add my voice to the Occupy Wall Street (OWS) movement in Zucotti Park Manhattan.

Inspired by the news reports and especially the Stephen Colbert interview of Ketchup, a self-proclaimed “autonomous person” or non-leader of the Occupy Wall Street movement, I set aside the whole day to protest whatever OWS was protesting...see rest here www.badmoonie.com

[-] 1 points by brooklyngirl (1) from Brooklyn, NY 2 years ago

Please help us stop foreclosure of our home and place of business in kings county. We made all mortgage payments. we are victims of unethical lawyers and a corrupt judge Please occupy the referee hearing please contact us 646 363 0488 nashfashion@yahoo.com

[-] 1 points by Adam (116) 2 years ago

Strategy tips: Have a permanent team watching and following everyone who works for the sheriff's department in any given county of which you plan to defend people's homes. We should be working toward a permanent team in every county of every state of this God forsaken union of criminals to follow, disrupt, and disenfranchise the toadies of the sheriff who go around booting people from their homes. If people are there, defend them, if the house is vacant, make note and send someone to live there.

[-] 1 points by PatrickOxOethafulm (35) 2 years ago

Ill be there

[-] 1 points by theCheat (85) 2 years ago

Next step: Occupy repossessed cars, boats, and airplanes. Take everything that never belonged to you because you deserve it. this worked well in Zimbabwe.

[-] 1 points by inquiringmindswant2know (5) 2 years ago

what are the liabilities that American Airlines has?, who owns the notes, Is it the banks and which ones?. Are they the ones we bailed out in the first place? There are a lot of generalities in the comments below supporting the bankruptcy of AA. When you get into specifics about their problems then we can discuss it more accurately.

[-] 1 points by bsew64 (5) 2 years ago

look we didnt have too the Aussies are showing us how !! :)

http://www.youtube.com/watch?feature=player_embedded&v=zKMwigI3mdM

[-] 1 points by ZenDog (20555) from South Burlington, VT 2 years ago

60 Minutes ran a great piece last night on the fraud that took place in the sub-prime lending market.

It featured Eileen Foster, an executive vice president at Countrywide, who was in charge of investigating fraud within the company, who warned of fraud on a massive scale to her bosses, became a whistleblower and was fired.

She has never been interviewed by Justice Dept.

She was offered a payoff in exchange for her silence by the company and she refused.

The lady is a courageous American Hero, one who deserves celebration and national recognition - as we hold her up the criminals will come falling down.

Great campaign. Occupy those foreclosed properties.

Oh how I abhor

The Hordes of Lying Whores

Who Prowl the People's Halls of Power

Bearing Gifts in the name of Profit!

and when the bastards move us on down the road, let us then set up camp outside the homes of those lenders who engaged in fraud!

where the Justice Dept refuses to act against fraud, let us set up camp outside their offices! and outside their own homes!

[-] 1 points by Censored (138) 2 years ago

So, squatters rule. Silly banks, they expect you to repay the money you borrowed. Anyone knows that if you can't or won't repay the loan, it's the banks fault. Sure, you gave them collateral, but you didn't really mean it. You should be able to live there without repaying your loans forever.

[-] 1 points by FOXraisedHitler (36) from New York City, NY 2 years ago

Focus on WallSt. Don't get distracted with partisan politics.

[-] 1 points by Boldhawk (3) from Reno, NV 2 years ago

Most people know there are problems, but very few dare dig into the dark corners that David Icke talks about in these two videos specifically taped for OWS ...

part I: http://www.youtube.com/watch?src_vid=BNx642Tj9cc&feature=iv&annotation_id=annotation_512284&v=gV9A2IGShuk

Part II: http://www.youtube.com/watch?v=BNx642Tj9cc&feature=player_embedded#!

Regardless of what your beliefs really are, stay on the beat. Many of us who can't quite be present with you, totally support you.

[-] 1 points by debisisrobustus (2) 2 years ago

Wishing OWS would create a demands faction that mainly demanded a higher federal minimum wage. We need demands for OWS, no matter how one sees this movement, I strongly believe that it needs demands. One of the fundamental issues with the working poor in this country is a low federal min wage. Most of us work in the service sector, most are hourly waged, and most of them are heavily correlated to our current federal min wage.

[-] 1 points by debisisrobustus (2) 2 years ago

Please hang in there OWS, please don't give up the fight. I'm hoping you guys can make it to the Spring and blossom into something a lot larger than what you have now. I feel pretty bad in not being in NYC after having to go to GA and help my mom with her home that is about to be foreclosed upon. Hang in there and just don't give up the fight as much as you can help it.

[-] 1 points by dreamingforward (394) from Tacoma, WA 2 years ago

This is great. You should definitely write-up a letter of intent that you can present with your ID upon occupying. A letter in legalese that says you have a right to live and that while occupying you commit not to deface or vandalize the property, etc. That way, the court will have little leeway in arguing any criminal intent.

[-] 1 points by Thisisthetime (200) from Kahlotus, WA 2 years ago

Occupy "the Commons". Keep Changing, Keep Learning. Fair-ness.

[-] 1 points by WorkerAntLyn (254) 2 years ago

An explanation of Squatter's RIghts: http://real-estate-law.freeadvice.com/real-estate-law/landlord_tenant/ownwer_propertyRental.htm

Time to Adverse Possession by State: http://law.findlaw.com/state-laws/adverse-possession/

Haven't checked all the states, though most require a few years of possession before it's official. But if you manage it - it's still yours. Curious thing is, doesn't that mean that if homeowners have been in the homes to an equal time to Squatter's rights, they own the home - regardless of what they've paid the banks? This article makes me wonder if they can:

http://www.direct.gov.uk/en/HomeAndCommunity/WhereYouLive/Derelictbuildingsandsquatters/DG_10022452

[-] 1 points by radzievicius (2) 2 years ago

fuck yes?

[-] 1 points by occupybuttons (4) from Roosevelt, NJ 2 years ago

OCCUPY WALL STREET BRACELETS!

A portion of proceeds will go toward the movement in the form of food, drinks and monetary donations. If you have a few extra bucks, drop off a box of apples, warm gloves, or anything you can to the folks outside in your community!

Free Shipping Offer! www.OccupyWristbands.org .

[-] 1 points by Boldhawk (3) from Reno, NV 2 years ago

Some posters to show the Police:

Attn: Police "We're also here for your benefit." or any other such ideas that shows we're standing in solidarity with working people to provide them job security... etc. Maybe this can kick off some brilliant slogan...

[-] 1 points by SuzannahBeTroy (28) 2 years ago

http://www.picturethehomeless.org/blog/node/207 Read this letter from Picture the Homless to Christine Quinn

[-] 1 points by SuzannahBeTroy (28) 2 years ago

Arthur Sulzberger, Jr I spelled the owner of The NY Times wrong -- we have Wall Street implosion -- mortgage meltdown and a corrupt mayor dictator with a socialite mega-millionaire city planner commissioner Amanda the Peopl'es Burden -- Bloomberg Burden responsible for the most displacement of People here since The American Indians. From the White House to Albany to City Hall -- greed and stupidity rule! That is why we have mega-trillions in debt. China owns big part and now a Russian Billionaire owns a big chunk of Brooklyn he got because Bloomberg, Rattner, Jay-Z, Amanda Burden along with others helped pushed through eminent domain abuse. Good luck OWS. People should re Occupy their homes. http://eastvillageeasteastvillage.blogspot.com/2011/11/bloomberg-sued-by-christine-quinn-re.html Learn how Christine Quinn prevented a intro 48 from going through - click on links in my post -- intro 48 would have forced NYC to account for every empty building -- I guess Bloomberg and Quinn feared homeless people might want to Occupy?

[-] 1 points by SuzannahBeTroy (28) 2 years ago

Founding fathers would have given Mike Bloomberg some whoop ass and hung him for treason http://mayorbloombergkingofnewyork.blogspot.com/2011/12/bloomberg-fascist-dementia.html Paulson and Geithner -- The White House or Jail http://suzannahbtroy.blogspot.com/2011/11/paulson-and-geithner-inside-information.html video post refers to Steve Rattner -- implicated...the same Steve Rattner Obama appointed head car czar -- Rattner wanted to be treasurer -- he helped push through Bloomberg’s illegal third term along with Mike’s mini-me Christine Quinn who is getting wall street bail out money for her mayoral run. Rattner pleaded the 5th 64 times for his role NY Pensions and paid to not plead guilty and paid to not go to jail in NY Pension pay to play. What was Mike Bloomberg, Mort Zuckerman and Arthur Schulzberger’s best friend and money manager doing with NY Pensions -- huge conflict of interest. What was Rattner’s role -- Paulson Geithner. How could Obama appoint Geithner? Why aren’t these creeps including Bloomberg and Quinn in jail? Just innocent protestors go to jail in NYC? Cy Vance must be voted out. Good luck OWS.

[-] 1 points by mserfas (652) from Ashland, PA 2 years ago

I've seen quite a few people complaining about Bloomberg here, but it seems out of proportion. As far as I know Bloomberg hasn't been hauling off badly wounded veterans to intensive care, he hasn't ordered police to spray pepper spray directly into the eyes of passively resisting protesters... given the universal ill-treatment of homeless people in this country, I have to wonder how many politicians would really have done any better.

I say this in part because I'm writing from Pennsylvania, where quite a few liberals sternly rejected Arlen Specter, a moderate, in favor of an Obama liberal ... then seemed to vanish like the morning dew when it was time for the general election. Now we have a cookie-cutter Republican I wouldn't bother to write to, and the NIH and NSF are facing 8.5% across-the-board cuts in 2013. Something that Specter, an experienced candidate and dogged science advocate, would done his best to stop.

Ask yourself whether, when the dust settles, Bloomberg is really more likely to be supplanted by a better candidate, or a worse one.

[-] 1 points by barb (835) 2 years ago

The bank owned property that is owned by Fannie Mae and Freddie Mac actually belongs to the citizens of America since we must pay for those properties that went into forclosure with our tax dollars.

[-] 1 points by ADDAMB (1) 2 years ago

I could use a share in a house as well .. Gracie Mansion?

[-] 1 points by RomCath (24) 2 years ago

Bravo à l'Amérique!

[-] 1 points by BreadLandPeace (359) 2 years ago

I'm so grateful to see this happening. I'm sorry I'm not able to be much of an activist right now, but I've been calling for OWS to make ending the foreclosures a national campaign--and you're doing a great job. I think that the two deputies (or whatever they're called) who were sent to evict the 103-year-old woman and her 83-year-old daughter in Atlanta from a house they'd lived in for over 50 years--this was on the news a couple days ago--and refused to do it, had the courage to refuse in part because OWS has had such a real effect on the mood in the country.

Probably other deputies have wanted to refuse to carry out evictions in the past but were afraid of losing their jobs. I believe OWS has changed the balance of power to the point that we're seeing these big victories, that benefit all of the 99%. THANKS SO MUCH!

[-] 1 points by blackat44 (2) 2 years ago

Very Cool! I'm going!

[-] 1 points by lec0rsaire (2) 2 years ago

These homes were foreclosed because the owners had no business in owning them in the first place not because banks are crooks and cruel. No one has a right to squat and live in property they do not own. OWS is a good movement but the insistence on making trouble and breaking the law will bring it to an end. These homes were not stolen from anyone. These families simply could not afford a mortgage. Where in the Constitution is there "a human right to a home"? This is why we have PUBLIC HOUSING. For people who cannot afford to pay market rates to purchase or lease real estate. Homes are a lot more affordable elsewhere in the U.S. Why does the poor insist on living in a place like NYC, one of the most expensive cities in the world? You can have a much better life and opportunites elsewhere on a modest income.

[-] 3 points by IAmGenerationY (3) from New York, NY 2 years ago

It is easy for you to say this because you are fortunate enough to have someplace to live. Try walking in the shoes of someone who has gotten foreclosed on and lost their job. Try walking in the shoes of someone that has a job but no home to go to so they try going to homeless shelters but get turned down because all the beds are filled up for the night. This isn't just happening in NYC, it's happening all across our wealthy nation. There is no excuse for people to be homeless in our country. It may not be in our Constitution but it is a Human Right for people to have a roof over their head and a warm bed to sleep in. I'd like for you to go visit your local homeless shelter and listen to the stories that people there have to tell. I think you might change your view point after listening to their stories.

[-] 2 points by dorrie6 (2) from Easthampton, MA 2 years ago

How can you possibly claim to know the circumstances of any of these people? My husband and I lost our home last year after he lost his job, which was nearly 3/4 of our income. We had a perfectly normal, fixed-rate mortgage that we could easily afford on our income until that time. But the bank had no interest in working something out with us after we suffered that loss, and we were removed from the home we worked so hard to buy in the first place.

We're luckier than a lot of people. We at least still had my job, and were able to find a landlord willing to rent to us (no easy feat after bankruptcy & foreclosure, let me tell you). It wouldn't have taken much for us to just end up on the street, which is what is happening to a lot of people.

Don't assume you know anything about what people are going through, or how they got there, because you really, really don't.

[-] 1 points by guero1nd (11) 2 years ago

Human right to a home......can I get one? =]

[-] 1 points by ClassWar (-3) 2 years ago

This is good, but I bet the cops will be there to protect the rich.

[-] 1 points by nograve (23) 2 years ago

We will sing a song of solidarity when the dam collapses; we will be the current. In the sunlight where you caught us plotting the downfall of hoarders, still we will be here standing like statues. The lions are at the door and we ain't taking orders from snakes anymore.

knock knock

[-] 1 points by MGwynn (8) from Schertz, TX 2 years ago

Congress and Wall Street got us into this mess as they are in bed together. Let's do something about it! Sign this petition to limit congressional terms so we can end the "same time next year" romance between Congress and Wall Street. https://wwws.whitehouse.gov/petitions#!/petition/amend-constitution-limit-congressional-terms-3-two-year-terms-house-and-2-four-year-terms-senate/n4Y8FxCw

[-] 1 points by Edwin (47) from Anseong-si, Gyeonggi-do 2 years ago

A little thing I did:

And the 1%, with their limos and caviar, Drove around puzzling and puzzling: "How could it be so? They came without tents! they came without amps! "They came without bongos, weapons or camps!" And they puzzled three hours, `till their puzzlers were sore. Then the 1% thought of something they hadn't before! "Maybe #Occupy," they thought, "doesn't come from a store. "Maybe #Occupy...perhaps...means a little bit more!"

[-] 1 points by DKAtoday (33128) from Coon Rapids, MN 2 years ago

Lets go back to a cash and carry society. Individuals cannot afford to borrow to pay for daily necessities ( charge cards ). The government needs to do the same, spend what we have not borrow to spend what they would like to. Budget cuts or deficit reduction should start with money that is being sent outside of our country, not on money well spent to serve our needy here at home.

[-] 2 points by Redsuperficiality (96) 2 years ago

The problem is capitalism. Individuals may not be able to afford to borrow to pay for daily necessities but they have to because capitalism is a systematic redistribution of wealth upwards. Imagine how much money governments will have to print to make cash King again and it will not change the inequity. You need to get to the ruling idea: capital is a ticket to ride to infinity and beyond given a little hedging. It is a debt that is impossible to pay off no matter how far the future extends whilst capitalism persists. All other debt from governments, the financial sector and consumers is only derivative from this mortgage that capital is on the future. It dictates the terms of everyone's being now and attempts to make this situation a perpetuity. To begin to change this oppression you need to not let it dictate you imagination.

[-] 1 points by SeaChange (134) 2 years ago

Excellent point. We can't seek all of our answers by looking back at the past through rose-tinted glasses. We have to invent new solutions, and urgently re-imagine this system that leads to catastrophe upon catastrophe.

[-] 1 points by LloydJHart (190) from Vineyard Haven, MA 2 years ago

The Occupy Wall St. Movement has no leverage to force change and until OWS gets some leverage nothing will change.

If OWS blocks traffic and shuts down business as usual, OWS will have leverage to force change.

The forgotten must block traffic to remind the forgetful of the needs of the forgotten.

Don't follow the leaders. Block traffic with your friends.

Guidelines For Non-Violent Civil Disobedient Traffic Blocking. http://occupywallst.org/forum/guidelines-for-non-violent-civil-disobedient-traff/

[-] 1 points by BreadLandPeace (359) 2 years ago

I don't see why valuable OWS activists have to get arrested. These powerful actions, occupying and reclaiming people's right to a home, are plenty enough, and send a message most people can empathize with. I've been calling for OWS actions to stop the foreclosures, and am thrilled that there's so much support.

[-] 0 points by LloydJHart (190) from Vineyard Haven, MA 2 years ago

OWS will do a lame attempt to stop foreclosures but the foreclosures will simply go on and OWS will continue to prove that they are nothing but a vanity protest.

[-] 1 points by shadz66 (17837) 2 years ago

Most Excellent and Bloody Marvelous ;-)

"I never heard of anything that was won without a fight*" : http://www.youtube.com/watch?v=QD4CapF8hL8 = TUUNE !

& re. "fight*" : http://www.gandhifoundation.net/ and http://en.wikipedia.org/wiki/Satyagraha ;-)

per ardua ad astra ...~~~***

[-] 1 points by OWSMusic (57) 2 years ago

A song for the boys and girls on Wall Street... http://www.youtube.com/watch?v=4FM3KR9dEOk

[-] 1 points by ludacris (6) 2 years ago

mserfas, if the banks are tearing the homes down, that indicates, at least to me, that this is not just the banks. It's systemic.

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[-] 1 points by Adam (116) 2 years ago

Refusing to pay takes responsibility. Once you refuse to pay, you must work to help others. WORK!!

[-] 1 points by Adam (116) 2 years ago

Refuse to pay!

[-] 1 points by cJessgo (729) from Port Jervis, PA 2 years ago

It sounds like a good idea. Who turns on the gas water and electric etc?

[-] 1 points by MiMi1026 (937) from Springfield, VA 2 years ago

owned by a very small one percenter.

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[-] 1 points by billbux (35) 2 years ago

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[-] 0 points by turak (-812) 2 years ago

The worse your economy gets: the more your struggle turns into a class war between the haves and the have-nots... This class warfare is NOT being practiced only by the richest most powerful top 1%: it is being practiced by anyone who has money and property and power against anyone who is lower in your hierarchy of money and property than they are.

Right now the OWS movement, though global in scope, is still a small minority in America for a simple reason; there are not enough impoverished out-of-work people angry enough to begin fighting the entire system as you people are. There is a huge number of dispossessed people who sympathize with your cause BUT so far...THEY ARE NOT JOINING YOU in your rallies and marches because your culture of capitalist consumer selfishness and greed is MUCH stronger than any intelligent critical awareness of the flaws and fallacies of your corrupt system. Since your mass media is blocking out and censoring all coverage of your movement's growing numbers and power, it will take years before the general public that hasn't been personally totally devastated by the economic depression you are in to ever become aware that your nation is going down the tubes fast.

The economic slide of recession and depression is making everyone act irrationally. The worse your nation's economy becomes, the more the haves will grab everything they can, and the more the have-nots will be robbed and the angrier they will become until it breaks out into violence.

It has always been so throughout history. Because of the basic corruption of human civilization: the haves always look down their noses at the have-nots, and never think or feel 'there but for the grace of God go I" The battle lines are drawn and chaos erupts into bloodshed.

Only if the ENTIRE human species discards all materialist values of wealth and power ,will there ever be and end to this struggle, and that is not likely to ever happen.

You have a choice: fight amongst yourselves over who has more money and wealth and power... or leave the entire system to rot and found your own egalitarian communities which do not use money and are not based upon the religion of materialism.

Remain dependent wage slaves working for corporate entities that use you and don't give a fuck about you, or become self-reliant and self-sufficient and refuse to work for anyone but yourselves.

If you choose to fight over money and wealth and material objects and try to topple the global status-quo: all hell will break loose and you will be worse off than you are now..

If you choose to opt out 100% from the dependency of consumer culture and create your won self-sufficient egalitarian communities which do not use money: you will be able to use all of the energy you are now wasting in creating and growing and nurturing your own personal garden of Eden where the root of all evil no longer exists.

The have choices to make. Think before you cat, and think deeply about the consequences of your actions. Do you want to create your own happiness? Do you want to live in a community that is better and healthier than any rotten materialistic society on earth? Or do you want to become a rabid revolutionary committed to a class struggle where the other side has all the advantages?

If you really want to topple the entire global status-quo, you will have to start acting much more intelligently than you are now, and you will have to relinquish your unrealistic delusions and become even more hard-bitten and cruel and unrelenting than your enemies are. AND more cunning... AND less humane... and you will become the same kind of monsters that replaced the Russian Empire.

If you decide to opt out of the entire system of money-capitalism 100%, you can become completely self-sufficient... and you will become more humane.... This choice is FAR more difficult and filled with hardship and pain than any revolutionary struggle against the people in power because you will be embarking on a systematic effort to change yourselves, change your inner soul, instead of just changing the superficial environment around you.

The fact is: self-transformation is a thousand times more difficult and challenging than transforming an artificial societal system, and IF you do not transform yourselves and cleanse yourselves of all avarice and envy and jealousy and meaningless hate... all your attempts to change your outer situation will crumble and you will find yourselves back in the same predicament you are in now...

Expecting to change the entire capitalist system! which is based upon the greed and avarice! that is hidden within each human soul...WITHOUT CHANGING THE EVIL THAT LIES WITHIN EACH HUMAN SOUL!! Is so stupid, so irrational, so unrealistic, so pathetically infantile, so naive, so blind... words cannot describe how misguided you people are.

[-] 0 points by chestRockwell (-4) 2 years ago

God I hope someone rapes and mrurders some OWS squatters

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[-] 0 points by puff6962 (4052) 2 years ago

The problem in the housing market relates to two things. Unemployment and the fact that home prices have fallen.

The fall in home prices means that a 100k house purchased in 2006 may only be worth 70k today. In other words, the home is underwater 30k.

Now, that buyer cannot refinance, and take advantage at historically low mortgage rates, because the bank will only loan 70k (actually, they are likely not to even loan that as they want 20% down against the current home value). But, anyway, assume that the bank will only loan 70k.....

The homeowner is screwed and can't stay in the home--despite having a job and a history of making his payments--because there is a 30k shortfall in what the bank will lend. Should the owner just walk away? Many are.

It is likely that home prices will rebound somewhat as the economic recovery crawls along. But, if the buyer above can't stay in his current home....despite being gainfully employed.....the deflationary spiral in home prices will continue and foreclosures will line every street.

The answer must address the 30k amount that the home is underwater and the only way to do that is if the government takes a more direct role in providing financing.

What I would propose is that the government make available to qualified borrowers a secondary loan in addition to the normal conforming mortgage amount of 70k. This 30k would be provided at the prevailing rate and the government would subsidize interest payments for a period of 2 to 5 years depending upon the homeowner's financial status. This secondary loan would be backed by the government and could not be factored into the debt ratios considered by lenders when making conforming loans.

Now, this loan would follow you and would not be fully eligible for dismissal in any future bankruptcy. It is a loan that will tide the homeowner until better times arrive and their negative equity becomes positive.

When that occurs, another mortgage could be written for the 100k total and the government then repaid.....or the buyer could just continue to make two payments. (One to the 70k conforming loan and one to the 30k government loan).

This system would allow people to remain in their homes, refinance at the best rates they will see in their lifetimes, and would not punish those who were conservative during the boom and who are doing fine in making their current home payments.

Some people can afford their home payments and have already refinanced. That's great. Others are so far underwater that foreclosure in inevitable and we need to make sure that there is a safety net for them.

But, this program is intended for the vast middle....those who are underwater to the extent that they may loose their home, but who cannot refinance so as to reduce their home payment. That is the line where the deflationary spiral in home prices must stop. These individuals may have bought at the peak of the market, but they love their home and can....with a little help....remain.

In the end, this program will help us all simply because, when my neighbor is foreclosed upon, my comp. home value is crushed. That foreclosure sale mayl drop my home value by as much as 10-20%. So, it's a worthy investment for government to intervene in an aggressive manner and to prevent this cycle from continuing.

It will benefit all while not punishing anyone.

please see:

http://occupywallst.org/forum/puff-on-a-solution-to-the-deflationary-spiral-in-h/

[-] 0 points by alouis (1511) from New York, NY 2 years ago

"Be inspired: Start the People's Mic on the train! And let things roll from there! Stay on 1 train car, stay together, but feel free to stop at main stops to do the People's Mic on the platform (places like Union Square or 42nd Street - with tons of people). If people get shy, encourage them to tell their story, give them a smile and a wink."

Excellent!

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[-] 0 points by ObamaIsrael (0) 2 years ago

you better pay rent on that foreclosed home like we all pay rent on our homes. I'm going to organize a march to kick you guys back out on the street.

[-] 0 points by i8jomomma (80) 2 years ago

occupy the foreclosed homes and anywhere else we want..........put them out on the street and see how much shit they talk when they are in the same boat as us..........they can't stop us all

[-] -2 points by jaimes (86) 2 years ago

Squatters.

[-] -2 points by HarryPairatestes2 (380) from Barrow, AK 2 years ago

Do the people moving into these empty homes get to stay rent free? How long do people get to stay in the homes? Will utilities be turned on?

[-] 1 points by WeMustStandTogether (106) from Newark, NJ 2 years ago

Will any of them be subletting?