Occupy Wall Street Targets the Banks – Who Wins?

Occupy Wall Street After Foreclosures

From our friends who write the blog ForeclosureTruth, ForeclosureRadar:

Today Occupy Wall Street (OWS) is having its National Day of Action to Stop and Reverse Foreclosures. The idea being that they can hurt the banks by forcing them to stop foreclosing. Only problem with this plan is that foreclosure delays help the banks as we introduced with our Foreclosure Roulette blog post, and demonstrated with our further analysis of foreclosure delays. In reality attacking foreclosures will result in little more than leaving homeowners stuck in their prisons of debt – unable to sell and unable to move on with their lives.

ZeroHedge, a popular finance blog, misinterpreted a Bank of America email, which is clearly just simply trying to keep their agents and employees safe, property secure, and press relations intact (is that possible at this point), as indicating that Occupy Wall Street is getting Bank of America (BofA) where it hurts them most.

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Not a chance – I’d actually venture that it is more likely a bank operative infiltrated OWS to come up with this boneheaded plan – after all the banks are running out of excuses to delay foreclosure at this point with the robo-signing crisis now a year old. Perfect timing, yet another reason for the banks to extend and pretend while continuing to leave non-performing assets marked-to-model allowing them to remain solvent and pay bonuses. If Occupy Wall Street really wanted to hurt banks they’d have a national don’t make a payment month. More realistically they should lobby congress to end mark-to-model accounting and foreclosure delays… if banks were forced to take losses now, I guarantee they’d suddenly become a lot more interested in principal balance reductions. Certainly there is no reason for banks to lower principal balances when they can leave them on their books at inflated valuations.

Who is OWS really helping today? We’d love to hear what you think.

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  1. Tim and Julie,
    I think these protestors heard your call to “Take Action”. Something has to be done to make the banks be more accommodating to struggling homeowners. If I wasn’t working doing BPOs and trying to get short sales closed I would join them. I believe GOOD loan mods for homeowners who are employed would be part of the solution. A loan mod worked for me. It can work for many more.

  2. Phil Borddeaux says:

    There is some merit to the points made about delays and how they allow banks to keep the assets on their books at inflated values and thereby save the stockholders from having to up the cash reserves and tie up funds they could be using to drive others into debt.

    The problem with the alternative proposed…lobbying Congress would be apparent to anyone who is paying attention.

    THE BANKS OWN CONGRESS. No amount of lobbying or emails or other actions with regard to them will even dent the massive contempt they display for anyone except the corporations which own them

    Do you seriously think that people would be out there occupying outdoor space and now foreclosed dumps that the banks have taken and let rot, if they had something better or more effective to do.

    The kindest thing I can say about the author is that they must have their head in the sand, but I suspect they have it firmly planted in their own anatomy.

  3. Sue Thompson says:

    I personally think that the banks should have adjusted the principal balances on upside down borrowers. I say should have because it might be too late. With our countries revenue at a 60 year low and it’s spending at a 60 year high, there may not be enough money left in the coffers.
    As a plan B, I think that banks should allow borrowers friends and family members to buy the distressed property in a short sale.
    I also think that if a bank is willing to let a property go for a certain price it should allow the investor/buyer to flip it. Done deal. Who cares?
    If sitting in a home that will inevitably be foreclosed on allows the borrower to save some money, so be it.
    When I was 7 years old my family home was lost in foreclosure. My mother ended up packing 5 kids in a car and off we went and went. My brothers and sisters and i considered it an adventure. I am sure that my mother thought differently. As hard as it was, just leaving allowed us to go on with our lives. I don’t think that my mother would have considered protesting as a way of dealing with not making the house payment.