Occupy Wall St. Joins Fight Against Foreclosures

[kbpfive]

I AM A SINGLE MOM WITH FIVE CHILDREN AND AT RISK OF FORECLOSURE, ITS WRONG IT SHOULDN'T HAPPEN AND WE NEED TO FIGHT THIS!!!!!!.... PEOPLE PURCHASING HOMES SHOULD AVOID FORECLOSURES AT ALL COSTS BECAUSE YOU NEVER KNOW IT COULD BE YOU ONE DAY. BANKS DONT CARE THEY DONT WANT TO HELP REGARDLESS OF YOUR POSITION AND HOW MUCH YOU MIGHT BE STRUGGLING. MY MORTGAGE IS ALMOST $4K A MONTH AND THE BANK WONT BUDGE ON RE MODIFICATION.

[kd1s]

What the banks are doing is holding on to the properties in the hopes that the market rebounds. I have some sad news for them, it's not going to happen anytime soon. And you can only hold a non-performing asset on the books for so long before auditors get antsy.

[dreaminglucidly139]

Force the banks to help people in danger of foreclosure. Pass the losses on to the absurd bonus packages and the investors, who were also bailed out and would have NOTHING without the bailouts. 

[xsilvertigerx]

Didn't over 90% of the home the government bailout by cut their payments and lowering their interest rate still went into foreclosure a year later?

Do you want the government to just give you the house?

I own a house. I still need to pay 8 more years to pay it off. If you can stop paying your loan why can't I stop paying? Why can't all of the people around the US?

[handhband]

i want to sincerely thank this channel for giving serious news without bias that actually makes sense and that inspired me

[LibertyDownUnder]

What has the colour of someone's skin got to do with their ability to pay off a loan?

You yanks have completley lost it with all this occupy garbage.

If you start giving out free homes to anyone who took out an irresponsible loan - you're setting up another 10 years of deline & poverty.

The name of the game now is TO PLAY THE VICTIM, instead of working hard.

[dreaminglucidly139]

@LibertyDownUnder Who knew more about the mortgages that were being pushed? The predatory loaners and the big banks that pushed them or the poor? Don't worry you can always refinance your home if you have trouble paying your mortgage" You have to realize that financial literacy is rare in the U.S due to our atrocious schooling. Although I blame ignorant people for taking on these absurd loans, I place about 70% of the blame on the people who knew what they were getting these people into.

[LibertyDownUnder]

@dreaminglucidly139, if you think predatory lenders were the problem - then protest against the bailouts. Without the bailouts, all the banks who took the risky loans would have failed, and the responsible banks like BB&T would have taken over their assets.

Don't support bailouts for the homeowners, 2 wrongs don't make a right.

[dreaminglucidly139]

@LibertyDownUnder We are protesting the bailouts, believe me. The bailouts, not to mention the 7.7 trillion the Fed created out of thin air and then handed off to the big banks at extremely low interest, is enough to make my blood boil. The bailouts were a clear sign that we do not have a capitalist system, but rather socialism for the most powerful entities/people and a cut and dry capitalist system for the 99.9%. Private profits, socialized risk. 

[LibertyDownUnder]

@dreaminglucidly139, so why are you asking for homeowners to be bailed out?

That's what this video seems to be calling for.

[dreaminglucidly139]

@LibertyDownUnder In a just world the large banks would be forced to renegotiate mortgages or offer some form of help. They were rescued by the taxpayers. Now they are going to foreclose on those same taxpayers? The rating agencies should also be paying into a foreclosure prevention fund after their corrupt AAA ratings convinced people that the loans and packaged financial products were as safe as treasury bonds. I cannot understand why anyone pays the slightest attention to S&P's ratings now

[LibertyDownUnder]

@dreaminglucidly139, I agree with about bank bailouts & rating agencies, so please stop repeating it.

You're just giving me slogans. If you have a realistic solution that doesn't involve giving millions of people, selected by politicians, a free house - let then me know.

Till then you can't simply decide that the banks have to ignore late payments, and pass on the losses to someone else.

[420shamanhealer]

I love seeing this kind of thing, people coming together to HELP each other! God bless all these people and I pray that everyone will one day own their own home, freely.

[barrywilliamsmb]

1. Banks are making nada from vacant homes.

2. They ARE making something from every debit card / credit card purchase.

3. Spitting on enemy prisoners only makes the other side mad.

4. The other side is Mad.

[maurieer]

That's really something, using tax-payers money to bail-out the wall street crooks that caused the whole mess. Then it's fuck the tax-payer again, re their own lost homes(foreclosures).

Good advice from ""davincij15"" (second response below).

[blunt1984]

A parallel movement that gets even less attention from the media is the autonomous Occupy Everything groups.

These people are occupying dilapidated buildings and lots all over the country, turning them into public parks and community centers.

Of course the storm troopers usually come break it up and arrest people after a few days, but it makes a huge statement!

It makes no sense to let properties remain unused just so a bank can wait 20 years for their prices to go back up to make a profit!

[davincij15]

This is where our media fails us showing us ignorance and foolishness.

1. The situation is complex.

2. Most homes that are foreclosed are done so illegally because the banks don't own the home.

3. Monetary system created this mess with cheap credit from money created out of nothing.

The real news is just a another government/banker arm of propaganda and misinformation that pretends to be supported by people's donations.

You want real info? Peter Schiff, Mike Maloney, Jim Rogers is a start.

[Benwoodruff]

So now they are moving from public property to private property? We can add criminal trespass and vandalism to the list. I see banks having them removed and then claiming all damage is from them for insurance purposes. Insurance companies will then go after these people and they will owe for the rest of their lives.

They are getting themselves into some murky water as far as their futures go.

Marching is one thing. Theft of property and theft of services is another.

[greenrage247]

What a beautiful sight.

[ridewave444]

I liked that clip of the little black girl. lol :]

[Samalabear]

@ridewave444 I agree. Absolutely adorable and smart. And to think that it's little girls like these that Newt thinks should be put to work cleaning toilets because, well, they're surrounded by people who don't work and have no worth ethic. Being poor does not equal stupidity or lack of ethics, work or otherwise. On the other hand, the so-called masters of the universe -- have you ever heard them speak? The word genius doesn't come to mind.

[VolcanicPenguin]

they should occupy fox news

[usergently]

3:28, It's all there in a second.

[usergently]

....and the times they are them changing.

[JanRichardus]

Take the protest-occupy of the 1% place of leisure, their gated community, their main offices, their golf clubs, their "secret" retreats etc.

[2minstral]

Great cover of this unfolding story. I'll share this on facebook and twitter to all the occupy pages and I suggest everyone else do the same. The more that hear this the better chance we have at winning this battle.

[oliverlaw02]

When house prices to are included as part of a country's GDP you get the artificial inflated prices and distortions to the housing market that we see now.

[SPAGHETTIMONSTER1]

lol, yeah baby!

[waffiki]

they are killing the Blacks in Lybia, the worst hurt in England and USA are the Black, what is going on? waki wakei! Black people. Maybe it is Gods way of waking us up to do our freedom fight our own way, on our own.

[nerdlass]

Welcome to Pottersville.

[LeathermanFan2]

It is not "predatory lending" when civil rights groups can also sue mortgage companies for not giving mortgage loans to poor people who can't afford them. You can't have it both ways. But communism is about having it every way though. So it is nothing new. They will try and get at the capitalist system anyway possible. Blaming the banks and the rich is the easy way out because scapegoating those people are easy. Time for a new mantra in the class warfare. Dems also control unions and budgets.

[doodofdoods]

@LeathermanFan2

It was predatory lending packaged under the guise of helping the poor. Obviously it didn't help, and regardless of any good intentions could never have worked for anyone but the scumbags who contrived the sub prime credit default swap scheme. The left and the right work well together when it comes to screwing over the public, particularly the poor and middle class.

[dangerouslytalented]

@doodofdoods There were no good intentions, and the loans that destroyed the system were not even covered by the Consumer Reinvestment Act, the banks used them to swell their own portfolios with high interest mortgage backed securities, and thus boost their executive bonuses, at the cost of long term viability.

[LeathermanFan2]

@dangerouslytalented Of course, I know there were no good intentions. That was not my point. Everything works well with each other. Poor people get homes, They didn't have to sue the mortgage companies because of discrimination, and the mortgage companies make their businesses bigger.

[dangerouslytalented]

@LeathermanFan2 That was the lie, in reality the executives should have known that the loans were shitty deals, mostly because there are emails and tapes of conferences of them SAYING such things.

Rules that stop them from securitising these mortgages give them an incentive to make sure the loans are sound in the first place, and stop them from ripping the investors (pension funds etc) as well as their own shareholders who found their bank shares worthless.

[LeathermanFan2]

@dangerouslytalented Oh course they knew giving mortgage loans to poor people would be bad. That is like saying a Rolex for $5 is real. But, like my main point is. Rich people and bankers do not win either way. Do you think those rich people and bankers wanted to be the bad guys and tell people to stop giving out those mortgage loans to poor people?

[dangerouslytalented]

@LeathermanFan2 Loans to poor people are not bad per se. HOWEVER, the loans in questions (those not covered by the community reinvestment act) were NOT DONE CORRECTLY. In an environment where they are forbidden from securitising them, they would ONLY give loans to those who could ACTUALLY pay them off, instead of selling bad loans and then selling off the resulting securities.The way they did THESE loans meant that they did not NEED to work out if they could afford them or not.

[LeathermanFan2]

@doodofdoods The people who decided to make money on the idea that poor people would repay their mortgage loans should be arrested and put in prison.

[Jevezy]

@LeathermanFan2: There should be more affordable homes in this country. We can spend billions and trillions on wars and we cannot build affordable homes or affordable renting. Damn it is wrong. When I mean affordable homes I mean homes $50,0000.00 with mortgages no less than $500.00. This is not impossible, this is the most powerful country in the world, there should be no homelessness in this country.

[LeathermanFan2]

@Jevezy The value of a house is bow big it is and location. There just can't be a minimum on any house. It just doesn't work like that. Also, just because you put somebody in a house. You still have to pay for the basic human like necessities like water, gas, and electricity. That is what people don't understand the most in this whole foreclosure gate thing.