Occupy Wall Street campaigners buy-up debt to abolish it

reply to post by PvtHudson


Again I tell you, stay out of their pockets, it isn't your money so stop pissing and moaning. You donate money to OWS at all? SO if you didn't then STFU.

Anyone complaining about them helping people need to mind their own business and get a life.

It's sickening people are upset over humans actually helping one another. You guys must be psychopaths.

I'm sure the ASPCA, Red Cross, and the Good WIll all make you sick too. Coats for kids is evil!

I dont see why some people are running them into the ground for doing this? It's a charity funded by their money and their supporters, they get no help from any government taxes or anything provided by the government so why are you complaining. I mean if I wanted to today start a charity for left testicled only men, I could and people that agree it's going to help someone and support the cause will give. It's not coming from your pocket so simmer down.

reply to post by ldyserenity


It's because the right wing hates seeing OWS do something good. They cannot take it. It drives them insane.

This is their mentality;

It's a great concept and all but I really hope they take into account the unintended consequences their actions might cause. I know from experience that when banks write off debt the IRS likes to consider that income. Debts purchased at low% are likely to have been in debt collectors hands previously and probably don't have updated contact information to reach the debtor. Imagine your debt disappears without any reason, you are happy and feel like everything is turning up in the world. Then, a few years later you get a letter from the IRS saying you had unreported income in a previous year and didn't pay taxes on it. Now on top of those original taxes you owe interest and fines and have to refile etc. This actually happened to me and ended up costing me my DoD security clearance and with it my job.

Originally posted by cornucopia

Occupy Wall Street campaigners buy-up debt to abolish it

www.telegra ph.co.uk

A group of campaigners linked to the Occupy Wall Street movement is buying-up distressed loans for pennies in the pound and cancelling them to "liberate debtors at random".

(visit the link for the full news article)

Just don't bail out any gambling addicts or drug addicts. Waste of money there.

reply to post by randomtangentsrme

So again I ask, why reward those who were not responsible with their money?

Its easy to be "responsible" when nothing bad happens to you. My guess is you are still young and, well...

you'll see.

I was not a fan of Occupy Wall Street this is the type of stuff they should have been doing . Not trashing public parks and all that crap

reply to post by Jeremiah65


well....the gave the person the loan, and then sold the note and it got securitized.....the bank that made the note sold it, so well should have no more claim to the note that I would to a car I sold you last year.
you might still be sending your payment to the bank that gave you the loan, but they very well could no longer own the note and be a servicer, or you might have had servicers come and go as the note changed hands...or whatever actually happened...
they bypassed the traditional ways for these notes to be tracked and recorded when they started mers.....
so, as a homeowner, it may be very hard to figure out who actually does own the note.
then, as it became clear that the people would have trouble paying these loans back, they start betting against these loans, credit default swaps, ensuring that they would be paid if you went under. the gov't decided that the banks should refinance these loans with better terms and started a program so the banks could do this. the banks, which profited more, because of the credit default swaps, made more money by allowing them to go under than to refi them, so they appearently they lied to the people telling them that they would have to be behind in payments to qualify for the program.. then they just strung the people along, saying that files were lost, told to ignore the letters threatening foreclosure, ect. then, they foreclosed on the house and sold it.....

so far I have counted three times that the banking and investment firms had been paid for this loan.....
and then came tarp!!!


anyone griping about this small group of citizens working together to right some of the wrong that has been done, citing "moral risk" or whatever is crazy!!!
the banking and investment sector's immorality have cause far more harm than a bunch of subprime borrowers could have ever thought of!!!

I left a link on the previous pages to the lawsuit that has been filed in ny, it's a big 300+ pdg, but well, most of it is listing the plaintiffs and defendents, after that, around page 300 or 330, the good part starts...

it gives a pretty big good outline of how it how went down....we'll have to wait and see how the court decides though, if it ever gets that far....

Originally posted by knightrider078
I was not a fan of Occupy Wall Street this is the type of stuff they should have been doing . Not trashing public parks and all that crap

what they were doing is/was way more important than trashing a park, lol...

that's like saying you don't want solar power because people may have to climb onto your roof to install it, lol


i mean c'mon, you are a Human being, let's make this a better world ASAP, please


Thank You

hi all, i'll embed the video on that website for you

What Is The Rolling Jubilee?

We need a jubilee, a clean slate, a cancellation of debt for the 99%.

this is awesome, if the banks don't want to help the people then we the people will

www.youtube.com...

reply to post by randomtangentsrme


It is far, far less stressful to just not stress over the good fortunes of others. You will never likely get me to agree with your viewpoint, as I don't begrudge others for their good fortune, even if they may not be "deserving" (an egotistical statement, if ever there were one).

Originally posted by cornucopia
hi all, i'll embed the video on that website for you

What Is The Rolling Jubilee?

We need a jubilee, a clean slate, a cancellation of debt for the 99%.

this is awesome, if the banks don't want to help the people then we the people will

www.youtube.com...

i love this,
this is true people power,
charity actually addressing the root cause instead of picking up the pieces.

this is worthy imho

remove the debt chains and people will be able to innovate again,
get the economy going again

real charity like this is a beautiful thing to see.

xploder

Originally posted by shortchop79
It's a great concept and all but I really hope they take into account the unintended consequences their actions might cause. I know from experience that when banks write off debt the IRS likes to consider that income. Debts purchased at low% are likely to have been in debt collectors hands previously and probably don't have updated contact information to reach the debtor. Imagine your debt disappears without any reason, you are happy and feel like everything is turning up in the world. Then, a few years later you get a letter from the IRS saying you had unreported income in a previous year and didn't pay taxes on it. Now on top of those original taxes you owe interest and fines and have to refile etc. This actually happened to me and ended up costing me my DoD security clearance and with it my job.

Hmmm good maybe they see this and take care of that issue as well, or maybe they've already addressed the issue. If not I am sure someone would bring this up to them and they'll figure out how to make alterations to address it.

Originally posted by cornucopia

Originally posted by knightrider078
I was not a fan of Occupy Wall Street this is the type of stuff they should have been doing . Not trashing public parks and all that crap

what they were doing is/was way more important than trashing a park, lol...

that's like saying you don't want solar power because people may have to climb onto your roof to install it, lol


i mean c'mon, you are a Human being, let's make this a better world ASAP, please


Thank You

Please after the first two weeks it just got stupid Reports of Rapes, Druge use they got nothing done it turned into a big joke

reply to post by knightrider078


Looks like they're getting something done now.
First it was anger and civil disobedience now they're using their intellect to beat the system...so now why you crying? Is it because you begrudge them for being smarter than you? or is it that now you have nothing to pick on them about?

ETA: Whaaaaa Occupy is starting to make sense, Whaaaaaa I can't find anything to pick at whaaaaaa

I went to write a reply to this thread and realised that I would be here for hours trying to explain to people why the idea that this is the peoples fault is just so wrong. I think if anyone is going to come on here and start arguing that people shouldn't have done this to "themselves" then they are truly misinformed and should do some lengthy research into the deregulation of the banks. How your founding fathers and president after them have continually tried to stop the growing power of the banks and the installment of a central bank. The effects of printing money to quell debt. The fractional reserve system. How, why and who creates real estate bubbles. The effects of advertising and propaganda. The buying and reselling of bad investments etc...
Please people if you want to have an opinion PLEASE have an informed one

Atleast you have the opportunity to work in your field randomtangentsrme, you can argue that you dont have any money left over each month but atleast youre not stuck in your moms basement working several #ty part time jobs. I dont so much believe in a bailout as much as getting rid of the corruption, but I dont think just ignoring the situation as people lose their lives is the better option. I get your argument about signing contracts and being responsible but I for one havent even gotten to that point, this entire system seems rigged and finally getting yourself into $200,000 of debt is supposed to be a reward. I have studied history, I know the value of our currency is to blame for alot of these ridiculous prices, I dont think we should be basing our actions on an economy which makes sense because this one is a rat trap.

reply to post by cornucopia


You know, the banks really did turn their backs. S.O.Bs.

Couple buys a house, puts up 5-10% and years of mortgages. Bank tanks, calls in debt. Couple loses home and all the money they've paid. Bank gets bailout, keeps home, keeps initial payments AND gets to keep all the bailout money. Bank = win, win, win multiplied by every foreclosed home in America. Couple = lose.

You know what should have happened? Gov gives the bank their bailout. They get their initial investment back + all the 5-10% deposits on the loans + interest and mortgage payments and everyone keeps their house.
What a stinking rotten rip off it was.

reply to post by jude11

"You just bailed out Billionaires a few years ago. Remember the 1% who didn't actually go broke but just got richer off your hard earned money?

So now it's time to complain about bailing out the 99%? Many who actually need it?

Peace"


The above quote says it all in my humble opinion

Regards, Iwinder