Occupy Wall Street: Very Dislikable, Very Admirable

[exploited]

[The Comrade]

if this actually works and there isn't a way found to shut them down i'd glady help out.

[exploited]

This is the sort of creative idea that gives me an entrepreneurial boner.

I wonder how the banks will respond? I mean they could raise prices, or outright deny the sale, but I'm not sure the publicity they'd get would be worth it. I mean the issue of personal debt gets right to the heart of so many issues, and the banks would be basically tearing at a raw nerve by stopping this.

[The Dharma Bum]

I like it.

[Breakage]

So the banks only like getting rid of stressed debt if you promise to be dick to the debtor... heh, they finally show their true colours then. Wankers.

OTOH, fantastic idea from OWS, wonder if they'll do a UK version ?

[The Comrade]

yeah i don't understand the point of them selling debt at a loss but then getting pissed depending on what you do with it.

[exploited]

[Breakage]

"they (and Freddie Mac) simply hated the idea of a homeowner being able to stay in their house after a short sale, and often asked for an affidavit from the buyer saying that the former owner would certainly be kicked out."

I have a cunning plan... just get folks in the same towns to swap houses

[OGPhilly]

I think this is a nice effort but I have a lot of concerns as to how well this actually works. Most likely if you're buying debt at 28 to the dollar as they are with their 500/14,000 figure you're talking about people who can be forgiven for that debt and still foreclosed on, which is why it's so cheap.

Also, as far as banks not wanting this, I'd wanna see more evidence than just one guy claiming "the banks won't let you buy debt unless you promise to be a dick to the people".

[Breakage]