Thank you Martialgir
I just read an article that made me see white. It is time for the coordinated, results oriented, taking back our country revolution to begin and I believe I can provide a possible vehicle.
First of all, I am an insider to the banking industry. If you want to find out a little bit more about my background and story, I have provided some information on the mortgage broker forum and the thread regarding whether or not mortgage professionals should participate in loansafe. My handle is martialgir and I have posted some responses in the past week or so.
Secondly, everyone reading this forum needs to understand where they really stand in the scheme of things so they (you) can get a reality check regarding your own personal circumstances and your possibility of a successful outcome. Reading articles in the mainstream media is not going to provide you with the honest answers you need. However, I am going to provide you with a "bankers" website/blog/financial related news site which will give you the unvarnished version of what those in the industry need to know about the changing markeplace because their jobs are on the line as well.
I want to clarify that many of the loan originators that visit the site I am giving you are the last few good men (and women) standing. If they have perservered it is because they have strong ties to their communities, have been in the business for a long time and/or are known for their integrity. Just like borrowers, there are some bad apples.
The web address is
The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui
If you want to know what those in the industry are talking about then you need to go to their water cooler. The news section in the middle of the front page will provide a myriad of helpful articles from multiple financial sources and will tell you the bottom line. Many of you may see you and your situation in these articles.
The thing that has been lacking, as far as getting results from these banks we have bailed out, is the appearance of a cohesive, collective, movement, with an identifying trademark. Also, the control of the outcome needs to be out of the hands of the banksters. Letters to legislators, petitions, you-tube videos are all well and good but they are random and lack the synchronicity of a gathering storm which increases with each passing day. You need to make the banksters fear this movement in addition to the politicians they sleep with.
Many have said to just stop paying your credit cards, other bank loans and mortgages. Many have done that either by choice or because there has been no alternative. Many are afraid to because of their credit scores, sense of honor, among other issues. To these banksters those that don't pay are simply collateral damage and have been squeezed to the point where there is nothing left. Believe me, whoever has anything left will not have it for long if they have anything to say about it. Look at 29% interest rates for good customers.
Someone in an article I read recently made a joke saying that everyone should take a picture of their middle finger and send it in the payment envelope and mail that to the banks instead of a payment. Believe it or not, I think this is an excellent idea but on a large scale, grass roots movement kind of effort. First of all, those that can't pay should send a copy of their middle finger every month, to all of the lenders they can't pay. For those that choose not to pay, the same thing with any letters expressing why you are doing it, etc. etc. For those that are going to pay for as long as they can, they should also do it with the threat that they will quit paying if their rates aren't reduced on CC's or if their modification is not approved, etc. I think every networking site should be contacted with this plan so that a trademark is established, a common denominator,a link which tells the banksters that we are all in this together and the momentum is gathering. This gets everyone on board whether they can pay or not.
Think about this for a minute...the payment processing centers begin seeing a few of these here and there, the next month there are more, supervisors are notified, in the next month, many more and so on. Each month a copy, with any letters can also be sent to the offices of legislators in your jurisdiction. Perhaps you could mention in the copies to congress/senate that they need to revisit the cramdown legislation. What begins as maybe a few thousand of these across the country, could grow to 10,000, 50,000, a million over a few months. This would be a great media story as well.
Lastly, while this may be distasteful to some of you, there needs to be a message that really shakes the powers that be to their core. This is the ultimate in defiance and passive aggression and it mirrors exactly what they have been saying to and about us all this time. Now is not the time to be worried about manners, or showing trepidation or even being inactive. There is safety in numbers. Also, for those who don't have the stomach to stop paying, at least it demonstrates a solidarity for those who have suffered and who have no choice.
There are very little options we have that put the control back in our own hands. Creating a little fear on the part of the banksters would do a world of good because we have the ability to bring the whole house down, via quitting to pay, via moving our money to credit unions, etc. Up until this point, there has been no real coordinated, collective message. A little fear might instill the message that we mean business. And yes, if we pulled the entire system down it would be catastrophic, however, doing nothing is also catastrophic. Every time a family loses their home it is a catastrophe. The trademark/identifying feature is the key to making any grassroots movement work and this is as good as any. Anyway, that's the idea. Feel free to use as you see fit.
The web address is
The Mortgage Lender Implode-O-Meter - tracking the housing finance breakdown, related to Alt-A and subprime mortgages, lending fraud, predatory lending, housing bubble, mortgage banking, foreclosures, debt, consolidation, lawyers, class-action lawsui
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