Would this make a big statement?

United States
November 13, 2008 2:55pm CST
What would happen if Homeowners from all around boycotted the mortgage companies and nobody paid thier mortgage but instead kept thier money? We would all thrive there is no way in hell that they could foreclose on those. Perhaps making this kind of statement would put the powerful ones in check to make all the right decisions after all if all these big companies can squander the money and get rewarded why couldnt we lol I am sure this would force the government to start making wiser decisions.
1 person likes this
6 responses
@newtondak (3950)
• United States
14 Nov 08
I firmly believe that would have no impact other than there would be a lot more homeless people in America!
@kaui_808 (191)
• United States
13 Nov 08
While I agree with you that it is unfair that these companies make poor business decisions and the government bails them out. However, even if we were able to convince everyone to NOT pay their mortgage your plan would only backfire. Remember, although these companies do suck they are still employers. No money from mortgagors, no money to pay their employees. And do you really think if no one pay'd their mortgages these people would pay their employees I doubt it...But I guess they're is no harm in wishing these big companies get what they deserve. Just to play devils advocate we as consumers should know better too! so what you gonna do right. Just keep on keeping on and do what you can. Happy Mylotting
@evanslf (485)
14 Nov 08
Though this sounds a nice idea, even if you managed to persuade a lot of people to do this, what would be the result? If the authorities did not enforce repayment and these people got away with such action, then lenders would conclude that it is too risky to lend to individuals (why lend if you believe that there is a risk of not getting your money back?) and the result would be that there would be no more mortages for new homeowners to buy new houses. There would be no more loans or credit cards issued for people who want to buy new items, new cards, go on holiday, etc. The consequences for the wider economy can then only be imagined.
@spalladino (17922)
• United States
14 Nov 08
I don't think enough people would be willing to risk their homes in order to make a statement like this but, even if a very large number were, the homes would still eventually be foreclosed on. This does nothing to solve the underlying problem, which is those subprime loans with adjustable interest rates and falling real estate values that have caused many people to owe more than their home is actually worth. There are too many people who really can't afford their mortgage payment anymore. I would like to see mortgage companies forced to rewrite these loans at an affordable fixed rate so the bleeding stops.
@CatsandDogs (13964)
• United States
14 Nov 08
If only we could get a number of people to do it and really stick to it that it would work. What I heard this morning really irked me big time and that was another bail out is happening and the company that's recieving it said that no bonuses or anything else of that sort will be used from the money they get for the bail out. NONE of the money should be used for those reasons!! Not if they're getting a BAIL OUT!! Oh that made me some kind of mad!! A bail out is just that, a bail out, not money to be used any way they see fit but every dollar should go for the benefit of our country and getting it back into shape, not for these low life corporates to sit on high street or money street while the rest of us suffer! Oh I was some kind of upset and as you can see, I still am!!
@Grandmaof2 (7603)
• Canada
14 Nov 08
BINGO, You win the prize this is as good as money in the bank, but here's the problem only a handful of people would actually do this. I've said the same thing about the price of gas when it was so high. I said if everyone banned together and said No dam way will I pay this price and everyone parked and didn't drive for even one week it wouldn't take long and the price would come down, but AGAIN people say, I have to get to work, I have to drive my kids, I can't be without my car and so on. You are right however Oh so right!!!!