OCCUPY WALL STREET

[Sachita]

Originally Posted by weatherboi

Most people in this country who are under water or are in foreclosure are so because of criminally over inflated market values, predatory mortgages and unethical credit card companies. All mostly directed by banks, mortgage companies, and their regulators. People were given the illusion that they were living within their means by people throwing misinformation in their faces about the state of our lands market values. I bought my house at peak market value in foreclosure. It is now worth less than that foreclosure price. That is under water and a bad investment on the banks part...not mine. I love my house but if I am overpaying for it what is the point??? The market may never bounce back to what it was. Many other fiscally responsible people have chosen to walk away because of this and I think about it too.

Exactly!

I am a home owner and luckily not on a mortgage trap, however in 2008 I had a difficult time and was late on credit cards or other financed items. Instead of working with me they increased my interest to 28%! I'm not kidding!

I know at least a dozen people personally who have walked away from their homes and these are people with good jobs or at least they once had great jobs.

Financial institutions need to be accountable now or people will continue to take action. Protesting is only level one. Many are closing bank accounts and moving to credit unions. I'm using more cash these days. I think its about time