Foreclosed Homes Trashed During "Sharpie Parties"

Wow so you're so stupid that you went out and bought a house that pushed you past your limits and since you're that dumb you probably maxed out credit cards you couldn't afford also, all this is the fault of someone else? Now we see why America is going downhill in a hand basket. I have my own problems but at least i'm not this delusional yet.

reply to post by jude11


Sorry, but the idea is juvenile and stupid.

Think of how much its going to take to bring those homes back to a liveable standard and make them useful again to a community.

In fact, what kind of society do we live in where an act of stupid vandalism is lauded by people?

Great post OP ... thanks for bringing this to our attention. I was not aware this was happening. I wonder if the local police in these towns are alerted and why they don't chase the teens and young adults out of there.


Most Banks are owned and run by people with a sense of entitlement who love money more than life/people, have no ability to connect actions with consequences, live for the moment, lack common sense and empathy, self-serving, don't care about anyone but themselves, and who get high off of one-upping others ... sociopaths.

The Banks kept the buyers/homeowners down-payment, albeit some down-payments were a little as only few thousand dollars, others much higher -- they still kept it PLUS the money they received from monthly payments while the homeowner was paying their mortgage PLUS the bailout money the Govt. gave them for each F/C home which was FMV (Fair Market Value) ... PLUS whatever they got for reselling the home.

In many areas, including where I live, the F/C homes did not sit for more than a year. In that year, some Banks may have covered property taxes and insurance, and maybe not. If so, the national average (all combined) costs would only be somewhere around $5K - $9K, depending on the home and the location. Either way, the Banks still profited enormously.

Since the Banks received FMV bailout money for each F/C home and whatever they got by selling the home, plus the money the homeowner put into it in payments and principal and interest, however you look at it they make out like bandits by foreclosing on the home. Thanks to the Govt., Banks made out by foreclosing.

I do not know of anyone (who also do not know anyone) who received one dime from the bailout money to help distressed homeowners through tough times. Not even one. Foreclosing on the home was lucrative, while helping or working with distressed homeowners was not lucrative.

Bankers (literally) laughing all the way to the Bank.

reply to post by Jana12

"housing iz a wight..."so said Bawney and Nancy...
"your bigazz govt at work"..

Move along nothing to see here...
In the beginning the irresponsible (or plain unfortunate buyers failed to meet their mortgage obligations).
financiers foreclose. Its what they do otherwise why pay on time?.

Originally posted by 46ACE
reply to post by Jana12

 

"housing iz a wight..."so said Bawney and Nancy...
"your bigazz govt at work"..

Move along nothing to see here...
In the beginning the irresponsible (or plain unfortunate buyers failed to meet their mortgage obligations).
financiers foreclose. Its what they do otherwise why pay on time?.

edit on 19-8-2012 by 46ACE because: (no reason given)

Nowhere did I suggest or imply "Can't pay, then you deserve a free ride".

reply to post by 46ACE


Heads up: try on some compassion for size.

I understand that people came to an agreement and are responsible for paying back what is owned. That's a universal karmic law: you repay back your debts.
But can we also come to another agreement? NO family (especially families of small children) should be forced out of their home for unforeseen events. Many foreclosure 'victims' are not in that situation because they are lazy or even made 'bad' decisions.
Let's see...
the economy tanked.
interest rates rose
And why?
Because large banks and financial institutions purposefully manipulated the market. (Barclay anyone?)
It has been DESIGNED for mass foreclosures and property seizures.
I think there should be more 'creative' answers for these situations rather than such harsh, souless grabs.
Even in situations where a person DID make bad decisions or WAS 'lazy', the children should still not be forced out of their homes like this. It's disgusting.
As a human race we need to come together and provide empathy and compassion, not turn our backs anymore. This isn't a 'communist' idea, and i don't think this should be implemented via government authority. It starts with us. With me. With you. It's time to stop Reacting and start Evolving.

Originally posted by 46ACE

What did the bank get away with exactly? Trusting them with a "loan"?

edit on 19-8-2012 by 46ACE because: (no reason given)

edit on 19-8-2012 by 46ACE because: (no reason given)

Exactally. It's the bank that lost out. They had to pay somebody (a builder, another mortgage co, previous owner) the full amount for the house so the new owners could live there.

Originally posted by neformore
reply to post by jude11

 

Sorry, but the idea is juvenile and stupid.

Think of how much its going to take to bring those homes back to a liveable standard and make them useful again to a community.

In fact, what kind of society do we live in where an act of stupid vandalism is lauded by people?

What kind of a Society?

A society that allowed the bankers to orchestrate a mass theft of property and dignity while giving the banks billions to help them line their pockets even further. That's the society we are in and it's a sad fact.

Most of these people are hard working honest citizens who got caught up in the biggest housing scam in US history. And then they lost jobs because their Govt. failed them in keeping jobs in the Country and then not creating any other jobs.

They bought houses with intent to pay but were just pawns and were never meant to keep that property.

The real question I pose is if this is unacceptable as a form of protest against thieves, what is acceptable?

Peace

childish to say the least & thats all ive got to say on that . i am a painter & while this would be good for some the banks are not going to loose on this only the community . americas going to look like detroit soon if your glorious leaders dont get their fingers out & do something fast ... why not raffle out the houses ? in scotland where i live TRY buying a house if you can 40 % deposit & to rent a 2 bedroom flat is over $1000 per month & thats in the highlands ...a month down plus a month in advance $11 a gallon for gas same for ciggs a pack of 20 .if you take home $500 per week you are well paid & thats a tradesman ..those people were lucky to once own a house

reply to post by jude11

What's "acceptable" is the Govt quits worrying about stuff its not even supposed to be involved in( "beer summit"anyone ?or Trayvon Martin?) and prosecutes some of these mega thieves. who used customer accounts to back their bad trades

Perhaps mr.Holder can wander down the hallways of the whitehouse the next time Jamie Dimond or Jon Corzine is there for afternoon tea and "consultation" and put the "habeus grabbus" on their sorry butts.?

Believe it or not I agree: Kids should not be home less ; or shoeless or parent less or hungry. But their parents are "responsible adults" ( or should be).

Originally posted by jude11

Originally posted by neformore
reply to post by jude11

 

Sorry, but the idea is juvenile and stupid.

Think of how much its going to take to bring those homes back to a liveable standard and make them useful again to a community.

In fact, what kind of society do we live in where an act of stupid vandalism is lauded by people?

What kind of a Society?

A society that allowed the bankers to orchestrate a mass theft of property and dignity while giving the banks billions to help them line their pockets even further. That's the society we are in and it's a sad fact.

Most of these people are hard working honest citizens who got caught up in the biggest housing scam in US history. And then they lost jobs because their Govt. failed them in keeping jobs in the Country and then not creating any other jobs.

They bought houses with intent to pay but were just pawns and were never meant to keep that property.

The real question I pose is if this is unacceptable as a form of protest against thieves, what is acceptable?

Peace

Thanks ... that was my also point -- they were just pawns, used and kicked aside while bankers lined their pockets and the foreclosed, vacant, non-maintained homes devalued properties as they are an eyesore to any community.

The only people who came out ahead here are greedy bankers. I agree, their heart wasn't in the right place when they sweet-talked 'eager to own their own home customers' into loans they knew many would default on. They were literally banking on it.


These smooth-talking operators (sociopaths) knew if they approved these loans they would make out like bandits -- and they did. Maybe some homeowners were deadbeat types ... but, I agree most had every intention of paying back the loan. Most people are hardworking and responsible and they want to keep their home.They do not want to default on the loan and face F/C and have to tell their kids to pack up their bedroom because they can no longer afford the house and they have to leave the house and their friends and change schools.

Many of them were told a pack of lies. "Oh, you could easily afford this, no problem... interest rates won't go up much because of blah, blah, blah."

If they were told it's possible in a few years or so their mortgage payment would eventually double, I am sure these buyers wouldn't have walked away, they would have run. Buying a home is a huge step and people know they can't live in the home for free. They know they will be on the street if they default. It's every homeowners biggest fear before they sign on the dotted line. These people are not stupid. They were pawns used in a scam. Big difference.

The greedy bankers manipulated the system to their advantage. They double-dipped by taking back the house instead of working out loan mods or other agreements. They kept everything the homeowner put into the loan and then they got the market value of the home when the F/C process was completed and then they turned around and sold the house for whatever they could get -- double-dipping. The bailout was 'for bankers only.'

As I said, they made out like bandits. In the meantime, while they lined their pockets, families with children are homeless.

I agree ... they used these people like pawns to get what they wanted. They knew many of them would default, but they gladly took their down-payment knowing they'd get the house back and then some.

The problem wasn't predatory loans so much as it was the use of corrupt (or they didn't get work) appraisal agencies to appraise properties ever higher and higher. Once the bubble started, people wanted to get a house before the prices rose even more and after a while, there was no sense to the appraisals at all. When the bubble burst, what had seemed like a 'normal' price during the bubble times became a ridiculous price with a ridiculous mortgage amount very quickly.

I understand the sentiments of the Sharpie partiers completely. I had a 143K mortgage on a tiny 500 SF house in a not great neighborhood. Bought at the height of the market, 2007. Lost my job and ability to pay close to 1K a month for it, found a short sale buyer for 60K, what it was worth by 2011, but the bank said no. I sat there for free (except for all the interest I paid out in the beginning, they made over 30K on me) while they foreclosed on it, found another place to live, and finally they sold it (now with a clear title due to MERS, before with 'my' short sale buyer, there wouldn't have been clear title, which was what that was all about...) and guess what they got for it? 60K...

Meanwhile what most people don't realize is, the money they 'loan' you never existed. They're not out a penny by loaning you the mortgage money, it's just entries on a computer screen. They make a fortune on the interest payments, always front-loaded, and how many millions of homes are never, ever paid for? We move too much, almost nobody stays anywhere 30 years anymore. Great places to find work are rarely great retirement spots.

And as a cross post from another topic here at ATS, see this site to learn where the bailout money REALLY went: CHINA!

occupycorporatism.com...

Originally posted by Sergeant Stiletto
While I understand and sympathize with the sentiment behind this, it's just juvenile and wrong.

What if every time someone didn't like an outcome they behaved like this?

If every time someone was raped by a corporation which gave nothing of substance, but only "promises to pay", by moving 1s and 0s in a computer file, in return for your real sweat and blood, they did this? I think that the real criminals, (the bankers) would think twice about tossing people out of their homes for getting a little behind on a mortgage, or as we have seen here on ATS before, people trying to pay and being stonewalled by bank officials who have confused the payment paperwork (intentionally of course).It's uncivil and it's criminal.The "contracts" that are used by the bankers to have these people thrown out of their homes are 100% fraudulent. How is that not a worse, yet never prosecuted, crime?

It seems the height of irony and ignorance to be pissed off at the banks uncivil and possibly criminal behavior only to do the same.

The banks cannot do anything. Get that fact straight in your mind. They are corporations that exist only on paper and solely for the purpose of shielding wrongdoers from the consequences of their crimes. That's ALWAYS been the intent of the Limited Liability corporate framework. I DARE you to deny that! The only reason the real perps (corporate officers) get away with their crimes is the deep ignorance of the populace concerning the true nature of themselves, and their relationship to their creations and their creator.

Plus think of the natural resources wasted on revenge as well as the even further devalued properties surrounding these homes...

You're really reaching there, aren't you? Wake up, the American Dream is a lie.

reply to post by jude11


It's all fine if you want to damage a banks property. Whatever. But do you have any idea what this does to hard working, working class people that live nearby? It !%@! destroys their homes value. Do you think this hurts the bank??? NO, it certainly does not, they get an insurance check and condemn the property. But what happens to the neighbors? They lose their lifes work.

Originally posted by Rockpuck
It's all fine if you want to damage a banks property. Whatever. But do you have any idea what this does to hard working, working class people that live nearby? It !%@! destroys their homes value. Do you think this hurts the bank??? NO, it certainly does not, they get an insurance check and condemn the property. But what happens to the neighbors? They lose their lifes work.

Agree, plus the vast majority of foreclosures were not from people losing their job, or having medical bills etc they were from people who decided it wasn't worth it to pay on a house that was 30% upside down, or they were riding an interest only loan and needed to build the equity by just the value going up, and when it didn't they walked. Then we had those who went in with a variable loan that they couldn't even afford day one and after the interest went up some they really couldn't afford it.

When the housing bubble burst housing prices dropped and that was when it seemed that people could no longer afford houses....they didn't want to because they were gambling on the value to continue to sky rocket. The funny part is when all this burst it affected me not in the least since I had a loan I could afford and I didn't buy my house at an already inflated price, so this whole housing issue just kind of pass me by as I kept doing what I was doing before the crash...

Originally posted by Rockpuck
reply to post by jude11

 

It's all fine if you want to damage a banks property. Whatever. But do you have any idea what this does to hard working, working class people that live nearby? It !%@! destroys their homes value. Do you think this hurts the bank??? NO, it certainly does not, they get an insurance check and condemn the property. But what happens to the neighbors? They lose their lifes work.

And so because of those reasons, the people losing their homes to criminals supported by Govt. should just hang their head and quietly walk away? Do nothing?

NO! The neighbors should be standing up for the victims and not the other way around. That's the problem right there.

1 person stands up and they are criminalized with nothing to back them. A neighborhood stands up and makes a louder noise.

Where was the neighborhood when the one neighbor was being evicted? Cowering behind their fences hoping they weren't next and hoping their value wasn't hurt. Meanwhile, a family that was once part of the PTA, soccer team, etc is living in their car.

Should the victim care about these types of neighbors? Why?

Pathetic.

I can understand the anger..But when people do this i don't think there any better than looters..
I just cant excuse this kind of behavior from anyone i don't care how mad they are..Vandalism is a crime, not a social statement..
I believe the banks could extend a little help to the owners to keep the houses occupied but they prefer let them set empty and and have this happen..
Also If they leave them sit empty, the houses loose even more value and the rest of the neighborhood falls also.
peace,sugarcookie1

While I am not high on the bank - they are of course, just out for money.. I also have little sympathy for people who buy homes they clearly can't afford. The banks are swine for trying to do whatever they can to get people to think they can buy these homes. But people are idiots for letting themselves getting duped into doing so. Do you have 25% more than your mortgage on your new home? No? Then you shouldn't be living there. And I have a feeling almost all these foreclosures are just that - people who bought homes just within their means.. if that.

And so the answer to your being duped.. is to ruin the home so on one can live there?

Yea.. you sure showed them.

Originally posted by Sergeant Stiletto
While I understand and sympathize with the sentiment behind this, it's just juvenile and wrong.

What if every time someone didn't like an outcome they behaved like this? It's uncivil and it's criminal. It seems the height of irony and ignorance to be pissed off at the banks uncivil and possibly criminal behavior only to do the same.

Plus think of the natural resources wasted on revenge as well as the even further devalued properties surrounding these homes...

When the bankers who broke every law in the book, in regards to loans and home mortgages and foreclosures, taxes and title registration fees, go to jail for their crimes, then your sentiment might hold value. But as long as the bankers are "above the law", they are outside the law's protection. One can neither be above the law or underneath it, only within it. Those without, or rather those not in the law are outlaws.

And I am sure your banker friends robo foreclosures do more then enough to waste resources and lower community property values.

When the bankers who broke every law in the book, in regards to loans and home mortgages and foreclosures, taxes and title registration fees, go to jail for their crimes, then your sentiment might hold value. But as long as the bankers are "above the law", they are outside the law's protection. One can neither be above the law or underneath it, only within it. Those without, or rather those not in the law are outlaws.

And I am sure your banker friends robo foreclosures do more then enough to waste resources and lower community property values.

However, I have a feeling that almost all of these homes have a very clear contract. The interest rate, the monthly payment, among other things. But people can't be bothered with reading the actual contract. They just sign the thing. Done deal! And then cry foul later.

People are delusional - sorry, but most of America lives beyond their means. Getting luxuries beyond their ability to pay, homes far larger than they can afford, tons of credit cards - and then they blame the banks for it later. It's the banks fault you have 2 huge high def TVs, a huge SUV, a massive home, and tons of "stuff" inside of it. Never the peoples fault. They can't be bothered with reading contracts, or figuring out if they can ACTUALLY afford what they are buying. Max those credit cards.. it's your money if approved right?

And then if you can't pay.. it's the banks fault. I am not saying the banks are innocent - they are FAR from. They are out for your bucks. But like any con, they get a lot of takers because people are dumb - they can't be bothered with READING contracts. They just WANT things.

But typical.. it's only the banks fault right? So ruin their homes - they had no right selling you something you couldn't afford, and were clearly not smart enough to make a decision about buying on your own.