Brilliant! Iceland forgives mortgage debt of its population
Submitted by Bob-45 on Fri, 04/13/2012 - 19:06The government of Iceland has forgiven the mortgage debt for much of its population. This nation chose a very different way of stopping the crisis from the rest of European countries. It decided to hear the requests of the population and to put politicians and bankers on the bench of the accused three years after their financial excesses would sank one of the most prosperous economies in 2008.
http://www.sott.net/articles/show/244018-Brilliant-Iceland-f...
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Report missing the key point
Iceland refused to bailout its banks. They let them go bankrupt.
They also kept control of their currency, which allowed them to deal with the crisis at home rather than be told by the European Central Bank what to do.
Iceland comes out of the crisis relatively quickly because they did not interfere. They are writing off the debt. It took a lot of "principle" to let the banks fail. And the government listened to the people, what a novel idea...
Relating back to Dr Paul - he frequently mentions the depression of 1921 that only lasted a year because the government did not interfere (compared to 29'). He also speaks about presently writing off the trillions of dollars the Fed generated out of thin air.
For the most part this is what Iceland did. It doesn't come out in this report.
"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo
ya great so now credit is further frozen for small businesses
because lenders took a hit.. brilliant idea
and what about the fine print? what is 'forgive'? all taxpayers share the burden? i guess mr bob bought a million dollar house and wants me to pay for it
nothx
as expected of something quasi socialists (that don't even know about it) support
bailing out 1% of the population is socialism, but bailing out 20% of the population isn't?
What? You don't want to screw the international bankers?
Haven't you been paying attention about "fiat money". It's IOUs used to steal wealth. The new government of Island just stole it back for the people. You guys are easy. I'd lock the bankers up in Gitmo and throw away the key.
Iceland Mortgage Debt Foregiveness/ FraudClosure / Wm K. Black
Iceland is the most literate country on the planet and it shows. It's government decided that it would rather deprive the criminals instead of the victims of the Icelandic ver. of FraudClosure.
Those institutions that were found guilty of FraudClosure. Got an $0.11/$ fine and a Federal "Get Out of Jail Free" card. William K. Black is tanned rested and ready to go. However, neither the Bush or Obama admins have contacted him. Therefore, what is happening is part of the OBushBama continuity plan. Black jailed bankers for CDO's and SIV's. Because it destroyed the chain of title. So, why not give the property to the owner, instead of the criminals that are still committing robo-signing felony fraud.
Iceland has thrown a monkey wrench in the works. People, if you subsidize theft you get more theft. Therefore, the US is a crime scene. The first sign of a third world nation is the selective enforcement of it's laws.. Welcome to the third world folks..
Light up your reps on this Icelandic Mortgage Debt forgiveness. Share it with everyone you know!! It's important.
Light bulb moment..
You just turned it on for me. By selling mortgages as a bundled mortgage backed security (with "AAA" ratings) the banks broke the Lender - Lendee relationship.
All loans can be renegotiated. Ex: banks would always rather work out new terms than have a default on a business loan.
But in the case of the mortgage crisis there is no one to renegotiate with. The group foreclosing on the property is not even a bank.
So yes, it could be contested in court. I never heard it explained as a broken chain of title. Thanks.
"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo
half the states do not allow foreclosure to go to court
they just take the house
OR Courts to Review Mortgage Electronic Registration Systems
Oregon Supreme Court in Portland to review "MERS": http://www.oregonlive.com/front-porch/index.ssf/2012/03/mers...
Exploring the legality of foreclosure must be happening in other states as well. This will make its way to the US Supreme Court at some point, it has to.
"One resists the invasion of armies; one does not resist the invasion of ideas" Victor Hugo
So the Slubs paid their mortgage fee?
Ah, I see so the people who didn't buy a McMansion, and instead bought something they could afford and indeed paid for it slowly over time...ya so those people are the slubs here.
However, if you bought a McMansion, and didn't pay, then you get free mortgage relief.
Moral of the story here...
I don't think that's anything to be happy about.
While I agree it's better than bailing out the banks and the lenders, it greatly diminishes the pillars of the free market. The gvmnt shouldn't be bailing anyone out.
I kinda agree...nothing is
I kinda agree...nothing is free including bounced morrtgages
One world, under government, with power and money for the elite
nothing is free
Then everything must be!
freedomdreemzz