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Departments National Issues Occupy movement demands home mortgages correction The demand they brought, along with giant props including a foreclosed house under water, was for a correction. The 1%, they said, inflated house values and made off with ill-gotten gains, but those left with underwater mortgages when the house values were brought back down have suffered. The demand is for mortgage values to be adjusted to match the current market values of houses. "People in power know that the real solution to the continuing collapse of the housing market is universal principal reduction of American mortgages to real market value," said Bill Moyer of the Backbone Campaign. "It's time those with the power find the backbone to stand up to the banks and Institutions that hold these mortgages and insist they stop drowning America with false solutions, inaction and greed." Some 25% of U.S. mortgages are now under water, and Fannie Mae and Freddie Mac hold over 50% of U.S. mortgages. The FHFA has the power to force Fannie Mae and Freddie Mac to reduce principal to the actual value of houses. Underwater mortgage debt is one of the primary drags on economic recovery. It continues to devour tens of billions of dollars annually, money that would otherwise go into our economy in the form of consumer spending. Demonstrators from the Freedom Plaza Occupation, Backbone Campaign & Economic Justice Allies protest November 10, 2011 to Demand Mortgage Correction in front of the Federal Housing Finance Administration (FHFA) in Washington, DC. Demonstrators are demanding that the FHFA force Fannie Mae and Freddie Mac to reduce principal to the actual value of houses. Underwater mortgage debt is one of the primary drags on economic recovery. It continues to devour tens of billions of dollars annually, money that would otherwise go into our economy in the form of consumer spending. Noel Ortega with the Freedom Plaza Occupation, Backbone Campaign & Economic Justice Allies protests from a makeshift 'underwater home' November 10, 2011 to Demand Mortgage Correction in front of the Federal Housing Finance Administration (FHFA) in Washington, DC. Demonstrators are demanding that the FHFA force Fannie Mae and Freddie Mac to reduce principal to the actual value of houses. Underwater mortgage debt is one of the primary drags on economic recovery. It continues to devour tens of billions of dollars annually, money that would otherwise go into our economy in the form of consumer spending. -------------------------- David Swanson is the author of When the World Outlawed War, War Is A Lie and Daybreak: Undoing the Imperial Presidency and Forming a More Perfect Union. He blogs at David Swanson and and works for the online activist organization Roots Action Article |
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Recent National Issues Articles Extraordinary interview: In love with tortured man -- Indefinite imprisonment, torture, terror inside California prisons through eyes of woman of courage Stop picking on the poor plutocrats Don’t mute Newt My declaration of war on Christmas Pvt. Manning and Imperative of Truth The Real Christmas Story The trial of Bradley Manning — Rule of law or rule of intimidation, retaliation & retribution Are Americans in line for Gitmo? Project Bugsplat Eliminate tax subsidies for big oil companies ? The last whistleblowers Lesson of White House Strafing: Limit Guns Now The bravest man I ever met I'm thankful for Occupy Occupy Crackdown: PCJF and NLG Demand Records of Federal Involvemen Mass day of action on 2-month anniversary of Occupy Wall Street Seven arrested at demonstration at US Bank in downtown Columbus, Ohio Move to Amend gaining momentum Listen to the song: Occupy Wall Street From Occupy Wall Street to Occupy the Neighborhoods Occupy movement demands home mortgages correction Will the 1% steal Ohio's labor rights referendum? Democracy key to fixing economic and eco crises, says Van Jones during visit to Columbus Former Tea Partier reaches out to Occupy Movement Official VFP statement regarding police assaults in Oakland Numbers justify Occupy Movement Occupy our chambers of commerce Arab Spring revolutionaries meet with Occupy activists in DC The abandoned class: Will Occupy Wall Street hold together long enough to cut to the deep chase? Jim Hightower tells Occupistas : just being out here is a big part of the battle Occupy The Hood Let's protest big banks at their Columbus branches Obama vs. jobs; Hope vs. reality Be a part of history. Help Occupy Columbus. Ohio Right of Life: Informed consent v. informed consent -- it's all situational Dr. Cornel West and 14 others arrested protesting corporate power at U.S. Supreme Court Occupy Columbus continues with gatherings at Ohio Statehouse and so-called Columbus Commons Class warrior from Wisconsin says building a movement requires courage, solidarity, and long-term organization Occupied -- What now? Former CIA analyst Ray McGovern : the movement is building Hey DC--You Look So Sexy ! To build a mass movement we got to care more and be uncomfortable, says flaming fundamentalist Columbus Free Press photos : Occupation in Freedom Plaza, D.C. Mass movement appears to be getting started, says David Swanson Our overripe moment We Are The 99 Percent The Progressive Humanifesto Declaration of the Occupation of New York City A judge grants dubious probation The old integrity You've convinced me...Now go out and make me do it. Fracking (if done right) is a way to combat Global Warming, says Congressman Tim Ryan The NFL will remember 9/11 in all the wrong ways I just found 29 million jobs 9/11 and the Orwellian redefinition of "Conspiracy Theory" An upcoming Charlottesville conference highlights the importance of whistleblowers when addressing the corruption present in military contracting How do we build a movement to defeat right-wing extremism? How the budget cutting Is going to go down Did Tenet Hide Key 9/11 Info? Equal and opposite lunacy Obama on the Backs of the Poor Budget deal Is a “Huge Mistake” If you declare bankruptcy, will everything be OK in a few days, weeks? Balance the budget on the backs of billionaires Move the budget debate to one of those democracies we're bombing into place The "There's Plenty of Money Act of 2012" King George III won: Happy Fourth of July! Fight Back Radio Show with Wayne Madsen In Memoriam: Gil Scot Heron Libertarians say restore freedom, repeal Patriot Act Perfecting the art of civil protest Down the rabbit hole with democracy and three urgent pleas The cure for plutocracy: Strike! White House website lying about your taxes Did you just call me a Socialist? Local and national political leader Norman Solomon officially launches his run for Congress in the North Bay Stand Up for Women's Health Rally Manning Marable and me In a Heartbeat: Ruling Class keeps the Bush tax cuts then attacks the middle class. Michigan fascism old news in DC The Green Bay Packers and the union backers Go to Wisconsin, President Obama The Push of Conscience and Secretary Clinton Fighting the 5 fascisms in Wisconsin & Ohio Fight yields victory, points the way! Ohio Republicans would execute Medicare recipients NFL---The untold story! Decades in the making: The U.S. police state Profiles of the Targeted: FBI Raided My Home, Wanted to Know About "My Indoctrination" An extremist for love: Martin Luther King, Jr. Day: Then and now A Time for Action -- Not Servility Following, not just commemorating, Dr. King – in Words. Deeds. Action… Bradley Manning and the rule of law The Tuscon shooting: We must place blame where it belongs Welcome to 2011: The american dream lives -- while you're asleep Repeal, replace, ... ridiculous Read National Issues Articles by Year: |
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