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Theoretically: What happens if ALL homeowners stop paying their mortgage?


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2011 Mar 17, 6:04am   14,858 views  55 comments

by dcllee   ➕follow (0)   💰tip   ignore  

What happens if all home "owners" (those who still have a mortgage) decided collectively that they would stop making payments each month? As we can see the banks are already struggling to re-sell the homes people are walking way from. It will really show these bankers who's the boss, when they are left with a bunch of wood and brick. Would the government step in and make people pay their mortgage?

#housing

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41   ArtimusMaxtor   2011 Mar 18, 7:58am  

America really does not deserve this banking system. It really does not. I can do a lot better. Why let some one else take up if we ever get rid of the. If the government made the money. Forgot all the loans and the interest. Did not particpate in all of that. We would be much better off. We would actually trade with one another. ACTUALLY OWNING WHAT WE HAVE.

42   ArtimusMaxtor   2011 Mar 18, 8:01am  

I say we actually have enough people here in this country now to make it work without these banks. Who needs them. Not only that we have the houses to. HAHAHAHA

43   ArtimusMaxtor   2011 Mar 18, 8:28am  

Whats really amusing is to watch all of these banks chained off of the large voting shareholders of the FEDERAL reserve. Suck up all of these small banks. Not to mention the assets. It's an interesting game. The FDIC took a limited role of course. They aren't being nice guys of course. It's just that they have the means via the supposed role of FEDERAL BANK. To suck up everything in their path. They have built this place up enough. I say why not get rid of them. Let the government print AND coin the money. (they already coin they just don't print). Sneaky. After all we paid for it all mostly when you think about it.

You working your ass off sweating paying off that 30 year note. Not to mention all of the credit cards and overpriced goods. 2.95 for a lb of tomatos, fuck. 20k for a auto that went for 6k. 15 years ago. Please.

44   ArtimusMaxtor   2011 Mar 18, 8:32am  

This isn't a commune after all. Heck except for the part about coin money. I guess thats what they ment anyway. Don't you or maybe not but hey. Why not. Then we are a country not running our asses off for them to pay them back.

45   solver   2011 Mar 18, 9:01am  

Here's a good perspective on how they're stealing from us. We voluntarily sign on to a loan, that is presented to us under the characterization that leads us to believe that we own our homes. OWN is the key word there. Semantics aside, we never really own our home until it's paid for free and clear and even then, you still don't own it 100%. If you don't pay your taxes on it, then you still don't own it.

The crime is this. We take on these monthly payments for what ever duration we've negotiated. We've dumped countless hours and countless moneys into our houses in a feverish attempt to create the illusion of a home that meets our lifestyle wants, needs and desires.

Then one day and 25 years into your 30 year note you get canned. You lose your home back to the banks. They get the to start all over again with the exact same product that they started off with 25 years earlier. They find a new buyer at the going rate, despite the moneys that are really owed and away they go again with a new client, who has purchased it under the same con that you did 25 years earlier.

Only this time they get all of the expenses and improvements that you put into it coupled with your soul. In the end, who is the winner? The banks. Owe, lets not discount the large amount of interest that was made on it as well in those 25 years. That means that they made money hand over foot, time and time again and still walked away with the product.

They're are very few homes that truly merit even a fraction of what they're charging for them. The real con is the Location, Location, Location mentality coupled with the Supply and Demand wild card. They've played a fiddle far to long and now we're coming out of the trance they put us in and it's going to get really scary for them sooner then later.

We've been dumbed down far to long and I for one am not drinking the Kool-Aid anymore. I've had my eyes opened and it's about time that we the people take our country back. These lobbyists need to go too. I'm also a believer in the Fair Tax Act. While it may not be perfect, it's definitely a more than huge step in the right direction.

We need to hit the banks and The Fed where it hurts and teach them a lesson once and for all. The conspiracy theorists are miles ahead of all of us on this front. While everyone thought they were nuts, it appears, that all that they've been proclaiming all along, is actually true. It's an F--ing joke.

46   Clara   2011 Mar 18, 10:03am  

That's impossible. Just a waste of time to think about that. It won't happen ever. If it ever do, then home ownership is the last thing I'd worry about.

47   Bap33   2011 Mar 18, 1:31pm  

on the original topic line:
I find it a similar view as "what if everyone drives 80, they cant stop us all". And, if you drive I5 you will see lots of folks who feel this way.
Or, the way invaders from mexico see our border enforcement may be an even better example. They know they stand a very low chance of being stopped, and so they chance it.
So, maybe this not paying could work .... or, maybe, those other areas I mentioned need some better means of enforcement?

48   ErikB   2011 Mar 18, 2:18pm  

By the way, do your own research and quit relying on the tubes disinformation to represent what’s supposed to be original thought from that brain of yours. A liar, I’m not. By the way, if you drove a fraction of the miles that I drive in a day through the many cities and neighborhoods that I do, you too would see construction at these schools.

I agree with Solver - I worked in the School Building industry for years - and I saw plenty of waste; lavish "admin" buildings, childcare centers (rewarding promiscuous behavior), very high superintendent salaries (these are public record). In my town, the built a fancy new school and shortly afterwards they had signs up asking for donations. At the same time - a school that was still rather new (built in the mid-'90's) had to be closed to due a lack of enrollment.

Let the free market decide where and what schools to be built and what teachers should be paid.

Erik

49   ArtimusMaxtor   2011 Mar 18, 3:42pm  

Hey really I could care less. If you like buy here pay here housing. Fine with me. I am just trying to tell what some don't understand. So they don't wander around in a fog. Wondering why they don't have any money to spend. Thats most people believe it or not. They get a lot of money. Then they get a lot of credit and use it. Then they wind up paying out their lot of money in interest.

It's sad really. You refinance. How damn kind of them to let you. How benvolent saving you all of that money. Truth is you bring it up to a 30 year note again and the first 10 years is pure interest. They want a stupid people. I don't.

Stupid people get in all kinds of situations they can't get out of. Truth is all of this is not going to change. It's fun to bitch about it. Most people will lemming their lives away. That's sad to. Try to find out what I am up to. Truth is I am miles ahead of the horseshit most people go through. I don't pay extra money to anyone. If a guy trys to sell me something at full price. I don't like him. Like a car a 20k car that used to go for 6k screw him. Watch me get a deal on that. It will make his head spin. I have an idea what it costs to make a car. I could care less about how much it cost them to build the factory and pay the workers.... Bottom line how much did it cost him to make that car today???? It's a big fucking mystery isn't it?

Watch the manufacturer as he trys to gouge the shit out of me. In the name of commerce. The economic good of all and other flowery bullshit. ITS CALLED PRICE FIXING FOLKS. LOOK AT THE SIMILARITY IN PRICES ON DIFFERENT MODELS BY DIFFERENT MANUFACTURES. NOTICE HOW THEY ALL RAISED THEIR PRICES TO THE RIDICULOUS LEVEL THEY ARE AT TODAY. What price fixing being illegal is intended to do is stop MONOPLIES.

Do the people that regulate that give a fuck no. They care about MOMAR and Afganistan and other such bullshit. Looking out for their own people screw that. No fun. Besides they are to busy being spreading their legs for the bankers. Who's got time for us and enforcing Price fixing laws. Honestly I don't know how price fixing laws got in there. I am so used to watching you people get fucked. The price fixing laws have to be some kind of mistake or accident on their part.

So do I care no. Do I want people to learn a little so they can have some intelligent conversation in this place yes. Am I a communist no. Am I a theiving capitalist (Does captialism mean the "spoof" FEDERAL RESERVE?) No. Do I love independent means and could care less about the heard yes. "Many" of you have no idea of what I am talking about that is clear. If you did you would understand I don't HAVE to play anyones game. Thats what a privatly held FEDERAL RESERVE got you a lot of ass kissing. A really hard way to go. A lot of people are true believers in co-dependence on a system that screws them out of any extra money they get. Look at your personal balance sheet dude. Then you will see what I am talking about

50   ArtimusMaxtor   2011 Mar 18, 5:28pm  

You could also make a board game out of everything that descends from the Privatly held member banks of the Federal Reserve. Call it Monopoly if you want. Of course their is the Corporate mask. Who owns what who knows? Let just say the whole fucking thing is driven by interest money hows that.

If your not some stupid trade worker that got hit on the head with a hammer you might figure it out.

Then say to yourself well they are making all that money. What did they buy with it dimwit. You go to the grocery store. You land on their square, pay me. You buy their products you land on their square, pay me. You go to the mall you land on their square, pay me. Get the idea a fucking street vendor with a monkey could figure that out.

If I asked you who started Chase bank or Chemical bank or even the Bank of NY would you know. Or National City? It takes a little sophistication and experince to know. Are the commodities that are traded at the CBOT just paper or is it really backed by asset? See if you understand finance its not that difficult to understand. It's no twilight mystery. Just finance and the way things work now. If you want to understand fine.

Or you can go laugh it up with your friends and talk about monkeys slinging shit at each other at the zoo or is that Washington.

51   ArtimusMaxtor   2011 Mar 19, 1:37am  

All of the teachers getting laid off. Collective bargaining all bullshit. Truth be told the tax base is eroded to the point that they can't afford certain things. Certain people get laid off first. It's like a food chain. Everyone on the food chain loves one another. Then the shit hits the fan and someone better do something quick.

So they bullshit it up. On national television. You will notice now in several states maybe even yours. For the people who have not been thrown out of their houses. They are going to make you say after they repeat it to you over and over. Say it back to them now. Education is wonderful and needed we love teachers. Then the counties that want and have to are going to raise taxes on you. See the National bullshit festival they just put on is something to key off of.

See you have to be some kind of true believer that loves altruism. To particpate, watch and love the national scene on TV. Your a good person. See that shitload of interest the banks make. Nothing to do with television and print etc at all. They own none of that. Believe it. In fact all they do is sit and stare at the piles and piles of money they made on credit cards. Residential homes etc. It's just fun to watch it grow. Your innocence is theirs also. Its all good.

52   solver   2011 Mar 19, 8:28am  

masayako2456 says

That’s impossible. Just a waste of time to think about that. It won’t happen ever. If it ever do, then home ownership is the last thing I’d worry about.

Well, in the early days they said going to the moon would be impossible, yet enterprise, ingenuity, talent and creative determination... put us there. If there's anything that we all should've learned in school, it's that "United We Stand, Divided We Fall".

Nomograph says

What a bunch of bitter people. I don’t think I’ve ever seen a thread on Patrick.net as steeped in victim mentality as this one is.

Waaah.

The [Fed, schools, unions, liberals, RE agents, conservatives, bankers, politicians, homeowners] are screwing me. It’s all their fault.

Waaah.

Injustice is injustice. This is "The Butterfly Effect". What happens on one level trickles down to all the other levels. In better terms, S__T ROLLS DOWN HILL. If you lure someone into buying a tainted piece of candy knowing that it's tainted and they get sick from it, is that just tuff luck?

Being a victim of a system of abuse is nothing new. How do you feel about gas at the pump? Is that right? After all, the oil continues to come out of the same wells, in the same way. Is it right, that because one sees a greater demand for it, that they rape you at the pump?

Look at the education system. Q: Why does it exist? A: To educate our children. Why then are the teachers among the first fronts of the cut backs? Why don't they go after the ADMIN first and some of the much higher paying jobs?

If you listened to Dave Ramsay, he would advise on cutting down your credit cards with the highest interest before paying down the lowest ones first. If we put that same philosophy into practice with our corrupt systems, America might be able to claim that they're DEBT FREE.

To me, I think that those with the highest paid jobs should be taking cuts first in all industries, both government and private. We need to abolish the corruption once and for all. The problems here and there are created by those whom the money trail terminates at.

Earth is the body and us humans are like the blood cells of it. When one goes out of whack the effects trickle down to something else. Right now the earth has cancer and it needs to get rid of it once and for all.

BTW- I drove out to Chaffey College to see who was doing the construction.
What I don't know is if all the funding is coming from some type of an endowment, or the likes. I was talking to someone and they told me that the project has been ongoing for a couple years and that there's been some significant improvements made throughout it. They didn't know the exact cost, but said they thought it was easily in the millions. If it was an endowment, I sure didn't see any public notices posted declaring it as so. Never the less, I got the name of the company on it. Here's a picture.

If you go to this website and click on the projects, you'll find a large number of state funded projects. www.bernards.com

53   solver   2011 Mar 19, 10:51am  

Not really, I live out here in the Inland Empire. I did the drive by after lunch at Wahoos. lol No you didn't victimize me. I'm sorry you're feeling victimized by my blog. You just happened to fire me off on a subject that's near and dear. Lot's of our friends are in a pretty nasty predicament and many of them are being victimized.

So, and since I do happen to cover a very large area of territory weekly, I'm going to make it a point to better support our teachers. After all, they do represent the future of our children and our country.

My being out a gallon of gas, is not quite the level of sacrifice that others are being MADE to make. The point of it all is, AWARENESS. Awareness of reality. Like NEO from "The Matrix", I've decided to see the truth for what it really is.

Conversations are happening in the shadows of everyday life. A few weeks ago, I met a passionate couple who are moving out of California for much of the same reasons as are discussed weekly in this blog, among other insecurities. The funny thing, is that many of us just don't know when to get out of the water. Some of us just haven't made that connection yet. Some of us don't need to.

One thing is for sure. If we don't get a grip on this, sooner, or later, we're doomed.

Beware of little expenses; a small leak will sink a great ship.- Benjamin Franklin

54   Clara   2011 Mar 19, 3:11pm  

solver,
You are just a retard. I don't waste my time on retards.

55   solver   2011 Mar 19, 6:06pm  

Well, thanks for the compliment. I'm proud to be this retard. What are you proud of?

Funny how people have to attack by name calling, instead of raising real issues to attempt to discredit someone. Well now, you sure told me and you did it in one bold sentence. Now what, GENIUS?

Just amazing. Congratulations, on being so articulate with your observation.

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