If you REALLY want to make a statement, re: Banks

[socialist_n_TN]

Organize a "Mortgage" strike.

The post downpage got me thinking. It wouldn't be for everyone, but if it becomes needful in the future, organize a one month "mortgage strike". Just don't pay your mortgage for one month. As long as everybody (or at least a large percentage) of mortgage holders did this IN THE SAME MONTH, it would make a strong political statement and might make the capitalists think. What say ye?

[MindandSoul]

1. That is NOT a bad idea! The banks would be powerless in front of that wave of protest!

[socialist_n_TN]

7. Thanks, but it would NOT be easy

to organize or to carry out. So, it would be a mid resort weapon in the class war that's being waged against the working/middle class. Somewhere between demonstrations and a general strike.

[Taitertots]

2. Don't let Goldman Sachs know in advance

They will short the CDOs based on your mortgage and you will make them a fortune.

[socialist_n_TN]

5. Unfortunately, not letting the world know

(including Goldman Sachs)would not be an option. The only way it would work as a political protest would be if enough people did it AT THE SAME TIME. If November 2011 had a 20% drop in unpaid mortgages over an average of 10%, it would be noticed. 11% over an average of 10% would NOT be noticed.

[Godhumor]

3. Curious how such a strike would allow people to become current on their mortgage again

Either they are going to have to double-pay the next month, negating the refusal to pay while giving the bank additional fees and interest expense, or they will be consistently 30 days behind month after month.

[socialist_n_TN]

4. Sorry about the lateness of replying to this

I've been busy.

Well, it's just an idea and it DEFINITELY wouldn't be for everyone, but to your question: it wouldn't be about "breaking" the banks, at least not at first. It WOULD be about getting their attention. Therefore, you COULD catch up the next month. As to fees, etc. you could try to negotiate them out or let them add them on to the back end of the loan.

It would be a tactic that would be for "mid" desperate times, not an opening gambit, but not a "general" strike gambit either. Since banks can foreclose after 30 days, it wouldn't be for people who don't own that much on their first mortgage. You couldn't do any mortgage business for a year after the fact. Your credit would take a big hit. But IF a big % of homeowners just didn't pay one month, it would send a STRONG message.

[NeedleCast]

6. Yes, go damage your credit, brilliant!

Seriously...the shit that gets posted here...