patrick.net

I dont see how they can force people to pay; what are they going to do, force everyone out of their home?

I've had the same fantasy, if something like this was pulled off on a large enough scale, banks wouldn't last a month.

Theoretically, at that point, you are just squatting in a house. I'm sure that a few renters would join you in there. Maybe you could hire a guard to keep them out - or just start a commune.

At the core, the U.S. Dollar would be completely worthless & our entire economy would crumble due to the way our fractional reserve banking system works. It only works if there are only a small % of deadbeat debtors.

http://en.wikipedia.org/wiki/Fractional-reserve_banking

ApocalypseFuck (you now the guy that tells us to plant potatoes and learn how to kill with your bare hands) is the only one prepared for such a scenario :)

Its a crazy what if.

What you should ask is 'what is EVERYONE UPSIDE DOWN on a mortgage stopped paying?' which is what is/will happen.

The answer is what you see now.
Endless free money for banks (borrow at ZIRP, lend at 5% for mortgage and 30% for credit card) + fictional accounting practice(FASB 157?) with no accountability
free $ for unemployed to pay mortgage up to 50k worth($ for banks).
Loan mods
special programs to rent to defaulted loanowners
endlessly postponed foreclosures (free house....until the sheriff shows up....he may never in many cases)

Its worth repeating all the insane bailouts every time you can.

Most people are NOT aware the feds are printing $ to give your niehbor who works under the table (and may make more than you...no way to tell) a 2% loan mod -at your expense partially - while you struggle to make the full mortgage payment.

You would think people would be so angry at this Obama could get impeached BUT the majority wants this and in fact wants MORE bailouts I guess.

Clinton got nearly impeached over a bj. (I guess if thats the major policitacl issue then times are pretty damn good!)

"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?"

Dont bother going to the bank to cash out any money from your account... wont be there.

thomas.wong1986 says

Dont bother going to the bank to cash out any money from your account… wont be there.

FDIC insured baby!

ChrisLA says

FDIC insured baby!

Only so much, but not enough to cover individual bank accounts and certainly not the many employers, and many other institutions, who have a checking account with the banks, well above the limits, to cover vendor bills and payroll. If the crap happened .. not pretty.

The Bernake would print more money.

increasing rate of mortgage defaults were one of the catalysts to the near financial collapse in 2008/2009.
100% rate of mortgage defaults means certain global financial collapse.

everything is built on confidence - if you loan a dollar, you're going to get it back.
if you loan a dollar and no one pays it back, no one loans any money.
credit markets freeze. no loans, means businesses stop.

Well, at least then we wouldn't be left holding the bag.

Oh, I just thought that I'd share. I went to my material yard to make a purchase the other day and I took notice of some really nice looking marble. I asked about it and I was told that it was for a school that's being built.

The architect hand picked over a 100k worth of Italian Marble and turned down the less expensive Chinese marble that was a tenth of the price. I've seen quite a few new schools continue to go up. The argument that is constantly waged is that the money is already in the system and if they don't use it, they'll lose it.

Well, in my opinion, when you don't need something you return it so that you may afford your prior obligations. Maybe they should lose it and maybe we'll be able to retain many of the good teachers, schools and programs.
Oh, for the record. Teachers have already been given notice that class sizes will be doubling to make way for those kids that are transferring from closing schools, or from other classes. Sports in the Inland Empire are being taken away as well.

Piss on the quality of education that everyone's been banging their heads about, because it's going to hell in a hand basket.

Now, why should we support the criminals that are stealing from us, left and right. Their robbing us in our sleep. It's a joke. If everyone made a statement about their concerns in the manner that best affected their reasoning, well, maybe then they would understand that they work for us and not the other way around.

I'm in support of this completely. We the people are constantly mislead by the corrupt politicians, bankers, pharma companies and the likes. Nobody listens to the people. They lead us to believe that they do, but they really don't. How many times have we been promised the world, only to be let down time and time again. We vote these bastards in office based on the dreams they promote while in the running and once they get elected, our dreams become nightmares that stab us in the back.

So, how best to make a statement. Well, this is the best idea yet. What are they going to do if everyone did the same? Hell, what could they do? Maybe we should start trading dirt instead of money. I'd like to see them take control of that one.

Might as well ask what would happen if Americans took all the top bankers and financial execs and hold them hostage until they stop influencing Washington for ill.

That's called a revolution, which takes not only a collective mentality but collective cooperation. We could also bring the fed. gov't. to its kness if we all quit paying our taxes, but the risk is sticking your individual neck out there with the possiblility that no one else will.

OK. DUMB ASS. My material yard is both a plaster and stone yard. You can keep shopping where all the other dumb asses shop, at the DEPOT, or LOWES. I'll get the name of the school tomorrow. Then you can shit on yourself with your potty mouth. The proof is in the taste of the pudding and you'll get your bullshit nice and warm so you can taste and savor your own words.

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.

Hell, look what they just wasted an ungodly amount of money on down on Wilshire Blvd where the Ambassador hotel once sat. http://articles.latimes.com/2009/sep/09/entertainment/et-ambassador9
Opened in 2009 with no direct shortage of funds. Imagine all the jobs they could have saved had they not so wastefully spent it. Hell, there's another new school that also opened up on Willshire and Arlington area and there's an older school that's just a couple blocks South of it.

That one opened a few years back too. Now that makes great sense. Instead of expanding on one lot, then took another lot over. From here on in, every time I find a school that's under construction, I'll be posting it, especially since these are slightly older ones.

In some way's I would not be suprised. It's very strange to me that the government is involved in the lending business via encouraging homeownership. Here we have a mix of the Corporatly held Federal Reserve which is owned by member banks. Which ones you can guess at know one seems to pin that one down.

Then we have the government which insures FHA loans. Add to that Fannie and Freddie not to mention the FHMLA. It's a confusing drama. A government that gave over printing money to Private banks. Gave up their right to make the money in this country. The politicians stare at us like owls wondering why we don't get it. Then toss Ron Paul in front of us saying he will get back the right for the government to make money instead of the Private Corporate Banks. Which they gave away back when.

When are they going to stop calling it the Federal Reserve Bank. Treating us like we are nitwits. By calling it Federal. It's not Federal. Its owned by the Banks. They hold all the voting shares. If we did not have the internet. We probably would not even know that. Given the way those newshounds on TV lick anyones bowl clean who writes them a check. Ignoring us and feeding us a bunch of crap news.

Lastly, I have a great relationship with my material yards. We're all friends. Yeah, they did disclose it to me, because the marble was beautiful. They couldn't believe that the architect had to have it sourced from Italy either. They offered the same from the China and it was turned down. PERIOD. You must work for NBC, CBS, ABC, or the likes.

What if all the renters get guns, find a nice house in a nice neighborhood, kick the squatters out and move in? That'd really show the self-entitled, want-something-for-nothing crowd who's boss. If getting a free house is the name of the game, then I want mine.

Well, if there's anything that we really need, IT'S CHANGE. We the people need to take back our country and if stone walling them by not making a mortgage payment is what it's all about, then so be it.

The banks (Fed) bail themselves out with our tax dollars. Now if someone doesn't see the crime in that, then I don't know what the hell is wrong with them. It's to bad we don't have a say in where our tax dollars go.
Hell, I know a few people and a few states that could desperately use it. Instead, it goes to everyone that I don't know. Those who are living high on the hog are still living high on the hog.

They just don't get it. They don't get that we the people truly are in charge. We just lack direction and good leadership to drive us forward in a sound peaceful revolt. Violence doesn't hurt these people, they've got well paid high dollar prostitutes defending them, but taking their money away does.

Who ever can bring some rock solid spine and change to the table for the 2012 elections is going to get my vote. I'm sick and tired of the weasels and liars who are whining and whining on our dollars. NO MORE SQUEAKY WHEELS GETTING OIL.

Yes it is time for a major reset and this scenario will do nicely. No bloodshed, no carnage (we hope).

Let's put the power back in the peoples hands. Let's make May the first month of "I'm mad as hell and I'm not going to support these insane bankers anymore' and not pay our mortgages. And maybe June, July, August ..... too.

Stop paying federal taxes too while we're at it.

What really gets me is who owned all of the land in the United States. To sell it to a bank in the first place? Then in turn sell it to you. The indians? Sure.

Politicians - pointless for me anyway. Nothing but a waste of time. There is no money in it for me. Not worth investing my time in. Most watch them for self-interactive entertainment. Again just a waste of valuable time. Who cares if they elect Erckle or Jim Bakker from the PTL club. I don't. They never gave me any money. You probably got nothing from them either. More than likely.

My carp about the FEDERAL Reserve is that it is not a FEDERAL entity. But a group of banks. Why spoof the the by calling it FEDERAL. Because we would be pissed off if we knew otherwise. Screw you government. For letting your country go into debt to a bunch of printers. Your incompetent, stupid and easily taken in.

Hey if the houses once again go completely negative equity that means deals for me. For the others of you out there. That means you don't have to pay the interest on a 200k loan. Possibly getting the same house for 75k or maybe even 50k.

gameisrigged says

then I want mine.

And there's the truth. All the talk about deadbeats and morality is BS.

In theory it would create banking chaos, but it would throw out all the rules of contract law creating even greater chaos to the benefiit of none.

One more thing. I talked about this on the OC register this morning. PRICE FIXING. Supposdly its illegal. Things like the commodity markets exsist. Why. I guess everyone that sells things like oil. Are bound for some uknown reason. To obey and fix their prices to what oil sells for a barrell.

Heres the thing. What if someone wants to undercut everyone else? Don't you find it just a tad strange. That gas is the same price virtually at BP, Shell, Standard etc? It's damn fine the whole thing is so organized. But as we can well see. There are many countries that produce oil. Would not it be just as good. To do away with standards set for oil prices?????? Then there might be some competition. Why don't the morons in D.C. ever suggest something like that. Yea that just might be an idea. No price fixing based on indicators.

Coke is the same price as Pepsi. One bag of potato chips is the same as the other. Same as bread etc. Then there are the cheap off brands that are produced by the big boys anyway. It's all so convienent. It's all right there. Deal is you pay out of the nose for there markups in time and labor.

As I see it the people in D.C. only care about the people that put food in their dog bowl. They should just have doggie bowls that say FIDO IS A GOOD DOG - CONGRESSMAN - WASHINGTON DC. On them.

Mr.Fantastic says

If pass behavior is any indication, they would take money from renters and give them to home debtors to pay banks back.

Thread is over and done in one. Well played.

PockyClipsNow says

What you should ask is ‘what is EVERYONE UPSIDE DOWN on a mortgage stopped paying?’ which is what is/will happen.

1/3 of the country has a mortgage. 1/4 of those people are underwater. Try again.PockyClipsNow says

Loan mods
special programs to rent to defaulted loanowners
endlessly postponed foreclosures (free house….until the sheriff shows up….he may never in many cases)

Its worth repeating all the insane bailouts every time you can.

Yeah, that's not gonna happen. People can pay their bills or not, but they don't deserve any bailouts.

tatupu70 says

gameisrigged says

What if all the renters get guns, find a nice house in a nice neighborhood, kick the squatters out and move in? That’d really show the self-entitled, want-something-for-nothing crowd who’s boss. If getting a free house is the name of the game, then I want mine.

And there’s the truth. All the talk about deadbeats and morality is BS.

So then you are completely unfamiliar with sarcasm? Interesting.