Let's start the Occupy People's Party!

[leftysergeant]

I used to manage a collections department of a major Bank here - our motto was that it was "our job to help people to stay in their homes", not kick them out; a bank makes more money leaving clients in, than foreclosing.

You Aussies have it easy. The banks here would rather foreclose than talk to you.

We even have one utterly deranged drongo running for president who thinks that the best thing to do about the housing crisis is to make it easier for the banks to foreclose so that the investors can come in and buy the houses up and rent them out so that the value of the remaining housing stock doesn't drop.

And people wonder what I mean when I tell them that republicons are vultures.

 

[Hallo Alfie]

How much she was behind is the most irrelevant part of the story.
The further she was behind the less the bank "had to" make a deal with her.
They made a deal with her, after public pressure.
Ergo: public pressure works.
How much she was behind only adresses how much it works.

So they are doing her a huge favour are they: Each month that she doesn't pay she falls behind even further, and the interest gobbles up whatever equity she once had. Ultimately she might owe more than the place is worth.

Well done Occupy you clever little chickens, you've just helped this lady to bankruptcy.

Oh!... but they made a point didn't they?

 

[WildCat]

Do Banks seriously evict people who are two weeks behind on their loans?

No, in fact it can take several years.

 

[BenBurch]

Some evict people who are all paid up, however. The mess involved in the endless bank mergers has resulting in cases where more than one entity thinks it is owed the payments for mortgages, and the one you are not paying forecloses. Sometimes not even sending out the required documents to the right address. People have come home from work to find that their locks have been changed and their possessions are on the lawn being picked by looters.

 

[Hallo Alfie]

The banks here would rather foreclose than talk to you.

Evidence?

No, in fact it can take several years.

That's what I would have thought.

Some evict people who are all paid up, however. The mess involved in the endless bank mergers has resulting in cases where more than one entity thinks it is owed the payments for mortgages, and the one you are not paying forecloses. Sometimes not even sending out the required documents to the right address. People have come home from work to find that their locks have been changed and their possessions are on the lawn being picked by looters.

Mistakes are a lot different to systematic patterns of behaviour and/or legal practice.

Have we some evidence for these amazing (pro occupy) claims?