A national mortgage payment boycott would discipline the rotten banking industry.
hp...@lycos.com
months the banking swine
would be on their knees. Such a boycott would need big-name support.
Be a nice project
for early next year.
mitch
SMS
> If just 20% of mortgage holders withheld their payments for say two
> months the banking swine
> would be on their knees. Such a boycott would need big-name support.
The banks would love to foreclose on the properties with a lot of
equity, where the people have low interest loans.
The vast majority of homeowners didn't get those ridiculous loans with
zero-down, negative amortization, and low initial rates. Those that
bought before the run-up in prices still have a lot of equity.
Billzz
"SMS" <scharf...@geemail.com> wrote in message
news:8bYAk.826$ZP4...@nlpi067.nbdc.sbc.com...
Yes, indeed. I have a 5.5% loan, and the house is worth well over twice what
I owe, even after the bubble burst. I would have to be crazy to let them
foreclose, when I could sell the house myself and make over 100% profit. In
my general area, the largest city is Sacramento, famous for "flippers"
buying and selliing every six months. They got caught owing more than the
house was worth, so they walked, letting the banks hold worthless paper.
Even worse, mortgage holders wrapped a bunch of mortgages up and sold them
as some sort of investment-grade product, so whole portfolios went belly-up.
Even my mortgage was sold three times in six years. It is now owned by a
very large bank that, itself, is probably bankrupt.
If I could make a new rule it would be that the originator of a loan may not
sell it. Live with it.
Blash
>> If just 20% of mortgage holders withheld their payments for say two
>> months the banking swine
>> would be on their knees. Such a boycott would need big-name support.
What an amazing idea......it's not often you hear something this
clever.......
ne...@millions.com
Selling? And end paying capital gains at the state and federal level.
You would have enoug left to purchase a new place similar in size.
Other options
such a location, etc. adds to the mix of such notions to sell.
DCI
silky
>
> >"SMS" <scharf.ste...@geemail.com> wrote in message
You obviously have never owned or sold a home in your entire life
please educate yourself and read this
clams_casino
There used to be a tax law that if someone's home was sold via
foreclosure, the unpaid part of the mortgage was taxable as income
(lender forgives / cancels any part of the mortgage). I don't have a
reference (too lazy to search), but from what I recall, that was changed
in recent years.
Blash
> Selling? And end paying capital gains at the state and federal level.
> You would have enoug left to purchase a new place similar in size.
> Other options
> such a location, etc. adds to the mix of such notions to sell.
I'm no tax expert, but I thought the first $250K profit for
individuals($500K for couples) on the sale of a primary residence was exempt
from Fed tax.........
WBY...@ireland.com
That is true. It's connected to "short sales" a term that describes a
house being sold for less that the mortgaged amount. And it hasn't
been changed all that much. It's called debt forgiveness and is
taxable in many cases as there are many loopholes and limitations in
the bill signed by Bush in Sept 2007. However, it's more favorable to
the buyer of the property as this gives him a hedge between what he's
paying for the house and what he can get for it. And almost instant
financing prior to the credit meltdown.
WB Yeats
krw
says...
It is. Every two years (must live in the house for two of five
years).
--
Keith
catalpa
<hp...@lycos.com> wrote in message
news:cdab59dd-8f41-49b5...@a70g2000hsh.googlegroups.com...
Most mortgages are not held by banks, they were packaged and sold to
institutional investors.
How do you know that your pension fund or 401k doesn't own your mortgage?
How do you know that your state or local government pension funds doesn't
own your mortgage?
Rod Speed
> <hp...@lycos.com> wrote
>> If just 20% of mortgage holders withheld their payments for say two months the banking swine
>> would be on their knees. Such a boycott would need big-name support.
>> Be a nice project for early next year.
> Most mortgages are not held by banks, they were packaged and sold to institutional investors.
And not just institutional investors either.
> How do you know that your pension fund or 401k doesn't own your mortgage? How do you know that your state or local
> government pension funds doesn't own your mortgage?
And not just the pension funds either.
Cindy Hamilton
Huh? I took out a loan and promised to pay it back. You are asking
me to go back on my word.
I never thought I would quote Rod Speed: "Ain't gonna happen."
Tell you what--you go first and I'll see if I want to emulate you.
Cindy Hamilton
Bert Hyman
news:cdab59dd-8f41-49b5...@a70g2000hsh.googlegroups.com:
Stop paying your credit card bills too.
You should also walk out of restaurants without paying your bill.
Drive off from the gas station without paying.
Take your purchases out of the grocery store without paying.
Lots of other protests suggest themselves here.
Tell us how it works out for you.
--
Bert Hyman | St. Paul, MN | be...@iphouse.com
h
> hp...@lycos.com () wrote in
> news:cdab59dd-8f41-49b5...@a70g2000hsh.googlegroups.com:
>
>> If just 20% of mortgage holders withheld their payments for say two
>> months the banking swine
>> would be on their knees. Such a boycott would need big-name support.
>> Be a nice project
>> for early next year.
>
Huh? So I'm supposed to ruin my credit and put my nearly paid off
house in jeopardy because a small minority of people (idiots) borrowed more
than they could afford at interest rates that they think are too high? Yeah,
right, that's gonna happen.
ra...@vt.edu
Not only that, but if someone were actually able to organize
such a stupid scheme, the whole economy would collapse in a way
that would make 1929 and today's problems seem trivial. This is
the equivelent of saying, "This boat is taking on water, forget
bailing, let's set it on fire . . ."
Bill Ranck
Blacksburg, Va.
h
<ra...@vt.edu> wrote in message news:gbavv3$jci$2...@solaris.cc.vt.edu...
Ok, I thought it was just me...