The Occupy Wall Street crowd has branched out into a variety of social programs. One of them aims to buy debt and then forgive it so that banks can’t “steal” the homes of people who have defaulted on their loans. An interesting concept I must admit; you borrow money and through stupidity or misfortune you can’t pay so the loan is wiped out. That’s a darn sight better than debtors prison for sure. For Pete’s sake what’s next, putting the repo man out of business.
Take a look at their video describing the scurrilous banks who took TARP money (and mostly have paid it back with interest) and now are stealing homes as opposed to … hey, I’m not sure.
It should be noted that the vast majority of money not paid back to the federal government from the financial crisis is money given to Fannie Mae and Freddie Mac, both quasi government entities who got in trouble in part due to the action of Congress.
Here is a website that tracks what has happened with TARP money if you are interested.
It’s hell being old fashioned and thinking that if you borrow money you are supposed to pay it back yourself. Who’s going to forgive the debt of the federal government?
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