Let's organize a real tea party .... a national mortgage protest month! A bankers nightmare.

[Better Believe It]

"We may get a real tea party, instead of this fake one funded by the Koch Brothers and Fox TV"

Weekend Edition
October 22 - 24, 2010

Up the Revolution!
Arise, Ye Homeowners of America, You Have Nothing to Lose But Your Mortgages!
By DAVE LINDORFF

If you were to go to your bank and demand to see your mortgage note before you pay them another goddamned dime (which I’m planning to do, out of curiosity, next week at my bank, which is now on its fourth new sign since the little community bank that issued my mortgage back in 1997 was first taken over), chances are they wouldn’t be able to produce it, and wouldn’t have any idea how to find out who, if anyone, has it.

For the banks, though, this must be a nightmare scenario.

And American homeowners haven’t yet gotten the word--because the corporate media is keeping it pretty well covered up, out of concern no doubt for all the banks that buy advertising--that really they don’t owe these wretched banks that brought on this economic crisis anything at all.

When they do get the word, things are going to start getting really interesting.

We may get a real tea party, instead of this fake one funded by the Koch Brothers and Fox TV. Only instead of dumping tea in Boston Harbor, we’ll be dumping bales of mortgages.

In fact, here's a proposal: Want to see our elected officials sit up, take notice, and stop treating the bankers so nicely? Let's have a national mortgage protest month this December. Everyone should skip a mortgage payment during the holiday season and instead send in a note to their bank saying that they are not paying on their mortgage until the bank produces proper documentation--a properly signed and notarized mortgage note-- to prove that they owe the money and to whom it is actually owed. If angry French people can take to the streets and shut their country down over an effort to impose regressive changes in their retirement program, we Americans should at least be able to organize a national protest by mail!

Read the full article at:

http://www.counterpunch.org/lindorff10222010.html

[ejpoeta]

1. are you kidding? they'll just go on up to capital hill and tell their

puppets to write a bill so that everything they have done is legal. I believe they already tried that with that bill that forced judges to accept their bs falsified documents. I think they postponed the foreclosures in anticipation. But when it was not passed they resumed. I would love to see people start demanding to see the note. But I think they will just legalize their bs somehow and we'll end up screwed in the end.

[Better Believe It]

2. Could that be done without and approval and support of Democratic politicians?

[ejpoeta]

3. they did stop it this last time. how many of them get money from these same banks though.

they could just wait til no one is paying attention. i hope they wouldn't let it happen, but i have to admit i am not all that confident in our system working for it's citizens these days.

[Better Believe It]

4. So let's just do it and let the chips fall!

[adigal]

6. They will ruin your credit, but if you are willing to allow

that to happen, it's a great idea.

[Better Believe It]

10. The credit for millions who have or will fall behind on their mortgages has been or will be ruined

[MineralMan]

16. No chips will fall on you, BBI, will they? You're not a mortgagee.

You can't even participate.

[adigal]

5. OK, I have two mortgages, I will do this

I'll do it now, so the banks have time to "find" my paperwork before the next payment is due.

Can anyone put this on Facebook? This is a GREAT idea!!!

[fishbulb703]

7. Good luck getting a judge to agree with you on that one. Don't encourage people to hurt their credit

Way too idealistic for most of the world. Maybe in a more primitive banking system or one with a liberal judicial system (Northern Europe, basically.(-UK))

[Better Believe It]

11. If you fall behind one month and quickly make it up how would that impact your credit score?

We sold our house in the fall of 2005 expecting a big housing crash and became happy renters of a condo.

A fortunate and wise decision on our part.

We tried to convince friends/relatives to do the same and failed.

Now some of them are in really big trouble and there is nothing they can do about it except walk away.

Well, we need to organize some kind of big protest(s) against mortgage fraud and I'm open to suggestions.

[Lance_Boyle]

13. A missed payment is a missed payment - do this at your own risk, and DON'T encourage

others to wreck their credit just because you aren't worried about trashing yours.

[MineralMan]

14. So, you're not risking a damn thing with this advice, eh?

"Let's you and him fight!"

That's what you're saying, since you don't even have a three-legged dog in the fight.

Way to go, there...

For pete's sake. How irresponsible that is. Please don't give advice you wouldn't take yourself.

[JNelson6563]

15. Yeah, for some reason

when I read the OP I had a feeling you didn't hold a mortgage.


Julie

[global1]

8. Can Some Enterprising New Law Firm Or New Lawyer File A Class Action Suit .....

in the name of all homeowners to demand all banks produce proper documentation to every homeowner that has a mortgage --a properly signed and notarized mortgage note-- to prove that they owe the money and to whom it is actually owed?

[MineralMan]

9. Do you have a mortgage, BBI?

If so, are you willing to take a hit on your credit score by doing this? Further, do you dispute that you have a contractual obligation to make your mortgage payment each month, in accordance with the note you personally signed?

This all sounds like a very stupid idea, to be quite frank. Why harm yourself in a vain attempt to send a message to your lender? I don't understand how that will accomplish anything at all. You'll still owe the money, and you'll be extending the term of your mortgage by a month, at least, screwing up your credit score, and will not get the lender's attention at all. They already have plenty of mortgagees who are skipping payments.

I'm sorry, but it's a poor sort of protest that hurts the protesters rather than those they're protesting against.

Unrecommended as stupid advice that will harm those who take it.

[flvegan]

12. If only stupid was painful.

[taught_me_patience]

17. Let's not and say we did

I'll keep paying my mortgage on time. This article is extremely idiotic advice.

[zen_bohemian]

18. I am not gonna risk my credit score by missing a payment

I don't mind my mortgage too much, it's a low amount, I was smart enough to get a fixed rate mortgage years ago, while all my neighbors were getting the adjustable rate ones.

[Ikonoklast]

19. You first, show us how it's done.

Yeah, that's what I thought.


Might as 'Stick It To The Man' and run out on your restaraunt tab, too, while you're at it.

That'll show 'em.

[lunatica]

20. I have no choice but to default on my mortgage

I've already declared bankruptcy and it has been discharged (the court said I can do it). The credit card companies who are the banks didn't take my car or anything else, which they could have legally. I think they're overwhelmed. I hope they're overwhelmed because I am. I'm staring homelessness in the face and I'm one of those who have a job.

[BlueCheese]

21. That's terrible.

I'm sorry to hear that. This economy stinks something awful.

[Hekate]

22. Do you by any chance have a mortgage of your own, BBI? You really feel like risking everything...

... on this cockamamie idea? The biggest investment of your life? Your security? Your good credit?

Do let us know, because urging others to do that which you either will not or can not, seems ill-advised, almost one might say cowardly.

Hekate

[Hekate]

23. ~~~ Crickets ~~~

:shrug: