Iceland Forgives Household Debt and Now leads the Way to Economic Recovery


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Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.

It’s Not a Theory

When it was Wrong from the Beginning:

The Highest Form of Economic Stimulus is to

Correct Debt Balances

Editor’s Comment: Iceland has taken the obvious common sense approach — fueled by an outraged population — and ended up creating the largest fiscal stimulus of any developed country without spending one cent of taxpayer money and without printing any “quantitative easing” currency debasing their currency. By the way more than 90 bankers there are headed for jail. Sounds like magic? That is what U.S. Banks would have you believe. But it is true as you can see from the Bloomberg article below.

The problem has been that the populations cannot pay the interest or the principal on debts that were so exotic in their construction that Alan Greenspan confesses he never understood them, let alone the borrowers. Borrowers were forced to rely on misrepresentations by the Banks and their agents as to the value of the loan, the value of the collateral and the viability of the transaction.

People in Iceland rioted in the streets throwing rocks at politicians and government buildings — not because they owed the money but because they knew that (a) they were victims of bank fraud and (b) the banks owed them money, not the other way around.

Under pressure from the government, the banks have decreased household debt by around 25% so far. The banks have not collapsed, financial system is in good shape and Iceland leads the developed world in economic recovery. The risk fell back on the Banks, the perpetrators of this mess.

The relief was and is being shared by two victims — the households tricked into buying these debt packages and the investors who pooled their money to fund the exotic debt structures. The claims of bank losses have been ignored as being not (and never were) economically real.

That’s what happens when the populations rises up and says “NO!” Similar programs here even on a small scale have corroborated the Iceland experience. And yet we continue to support the banks whom we believe are too big to fail. Following the Iceland example — now in its 3rd year — would provide many trillions of dollars in fiscal stimulus to our economy, launch the economy into a full recovery and clear up the budget deficits of local, state and federal government agencies.

It’s a choice. What do you choose?

Icelandic Anger Brings Debt Forgiveness in Best Recovery Story

By Omar R. Valdimarsson

Icelanders who pelted parliament with rocks in 2009 demanding their leaders and bankers answer for the country’s economic and financial collapse are reaping the benefits of their anger.

Since the end of 2008, the island’s banks have forgiven loans equivalent to 13 percent of gross domestic product, easing the debt burdens of more than a quarter of the population, according to a report published this month by the Icelandic Financial Services Association.

Enlarge image Icelandic Anger Brings Debt Forgiveness

Icelandic Anger Brings Debt Forgiveness

Icelandic Anger Brings Debt Forgiveness

Paul Taggart/Bloomberg

A cyclist passes an Icelandic national flag hanging in a popular shopping street in Reykjavik, Iceland.

A cyclist passes an Icelandic national flag hanging in a popular shopping street in Reykjavik, Iceland. Photographer: Paul Taggart/Bloomberg

“You could safely say that Iceland holds the world record in household debt relief,” said Lars Christensen, chief emerging markets economist at Danske Bank A/S in Copenhagen. “Iceland followed the textbook example of what is required in a crisis. Any economist would agree with that.”

The island’s steps to resurrect itself since 2008, when its banks defaulted on $85 billion, are proving effective. Iceland’s economy will this year outgrow the euro area and the developed world on average, the Organization for Economic Cooperation and Development estimates. It costs about the same to insure against an Icelandic default as it does to guard against a credit event in Belgium. Most polls now show Icelanders don’t want to join the European Union, where the debt crisis is in its third year.

The island’s households were helped by an agreement between the government and the banks, which are still partly controlled by the state, to forgive debt exceeding 110 percent of home values. On top of that, a Supreme Court ruling in June 2010 found loans indexed to foreign currencies were illegal, meaning households no longer need to cover krona losses.

Crisis Lessons

“The lesson to be learned from Iceland’s crisis is that if other countries think it’s necessary to write down debts, they should look at how successful the 110 percent agreement was here,” said Thorolfur Matthiasson, an economics professor at the University of Iceland in Reykjavik, in an interview. “It’s the broadest agreement that’s been undertaken.”

Without the relief, homeowners would have buckled under the weight of their loans after the ratio of debt to incomes surged to 240 percent in 2008, Matthiasson said.

Iceland’s $13 billion economy, which shrank 6.7 percent in 2009, grew 2.9 percent last year and will expand 2.4 percent this year and next, the Paris-based OECD estimates. The euro area will grow 0.2 percent this year and the OECD area will expand 1.6 percent, according to November estimates.

Housing, measured as a subcomponent in the consumer price index, is now only about 3 percent below values in September 2008, just before the collapse. Fitch Ratings last week raised Iceland to investment grade, with a stable outlook, and said the island’s “unorthodox crisis policy response has succeeded.”

People Vs Markets

Iceland’s approach to dealing with the meltdown has put the needs of its population ahead of the markets at every turn.

Once it became clear back in October 2008 that the island’s banks were beyond saving, the government stepped in, ring-fenced the domestic accounts, and left international creditors in the lurch. The central bank imposed capital controls to halt the ensuing sell-off of the krona and new state-controlled banks were created from the remnants of the lenders that failed.

Activists say the banks should go even further in their debt relief. Andrea J. Olafsdottir, chairman of the Icelandic Homes Coalition, said she doubts the numbers provided by the banks are reliable.

“There are indications that some of the financial institutions in question haven’t lost a penny with the measures that they’ve undertaken,” she said.

Fresh Demands

According to Kristjan Kristjansson, a spokesman for Landsbankinn hf, the amount written off by the banks is probably larger than the 196.4 billion kronur ($1.6 billion) that the Financial Services Association estimates, since that figure only includes debt relief required by the courts or the government.

“There are still a lot of people facing difficulties; at the same time there are a lot of people doing fine,” Kristjansson said. “It’s nearly impossible to say when enough is enough; alongside every measure that is taken, there are fresh demands for further action.”

As a precursor to the global Occupy Wall Street movement and austerity protests across Europe, Icelanders took to the streets after the economic collapse in 2008. Protests escalated in early 2009, forcing police to use teargas to disperse crowds throwing rocks at parliament and the offices of then Prime Minister Geir Haarde. Parliament is still deciding whether to press ahead with an indictment that was brought against him in September 2009 for his role in the crisis.

A new coalition, led by Social Democrat Prime Minister Johanna Sigurdardottir, was voted into office in early 2009. The authorities are now investigating most of the main protagonists of the banking meltdown.

Legal Aftermath

Iceland’s special prosecutor has said it may indict as many as 90 people, while more than 200, including the former chief executives at the three biggest banks, face criminal charges.

Larus Welding, the former CEO of Glitnir Bank hf, once Iceland’s second biggest, was indicted in December for granting illegal loans and is now waiting to stand trial. The former CEO of Landsbanki Islands hf, Sigurjon Arnason, has endured stints of solitary confinement as his criminal investigation continues.

That compares with the U.S., where no top bank executives have faced criminal prosecution for their roles in the subprime mortgage meltdown. The Securities and Exchange Commission said last year it had sanctioned 39 senior officers for conduct related to the housing market meltdown.

The U.S. subprime crisis sent home prices plunging 33 percent from a 2006 peak. While households there don’t face the same degree of debt relief as that pushed through in Iceland, President Barack Obama this month proposed plans to expand loan modifications, including some principal reductions.

According to Christensen at Danske Bank, “the bottom line is that if households are insolvent, then the banks just have to go along with it, regardless of the interests of the banks.”

To contact the reporter on this story: Omar R. Valdimarsson in Reykjavik

To contact the editor responsible for this story: Jonas Bergman at

36 Responses

  1. Enraged,
    IMPORTANT. I read your comment about Cubed2k and I think you’re RIGHT!

    “cubed2k, on January 1, 2012 at 7:58 pm said:


    we are being sued by Cap 1 credit card lawyer 4k, and BofA credit card 23k. We still have Heloc defaulted of 110k to deal with. I have gone pro se into court. What an eye opener. It is unbelievable. We have aroof over our heads on a BS home Mod. Renting would have been actually more,,,,,,,,,,one has to think about their own sit and survive.

    I will tell all consumers, all american’s who just earn a living to STAY AWAY FROM THE GOD DAMN BIG BANKS———-

    becuase if something goes wrong in your life like less income, health problem———–why these debt collectors can and might stream roll you into court……………….

    And the best solution is to not use credit one way or the other from the big banks………….”

    Compare that with this part of what you posted…

    “The shooter who died was 45 years old and he appears to have lost his condominium over a $15,000 home equity loan he took out almost a decade ago, owed to Bank of America.”

  2. @Jane,

    Sad to say but, with a few incidents like that one, everybody will become very careful with choosing the side they want to support… Then again, no one ever made an omelette without breaking a few eggs.

    We talked, they didn’t listen. We wrote: they didn’t rad. We sued: they changed the rules. Now, we’re done doing any of it.

    That, my firends, is what a revolution is: a few serious casualties to set all the clocks straight. We are getting there, wehther we want it or not.

  3. As a follow-up to the Modesto (CA) shootings, it appears that the locksmith trying to break in was shot dead, as well as the deputy. Presumably this takes the fun and profit out of being a locksmith. Since nobody knows who is on the other side of the door, I think locksmiths are going to be a bit more reluctant to go out and assist in the stealing of homes.

  4. For those of you who think that the suggested use of Guantanamo is extreme, I remind you that there is substantial value in symbolic acts. We are in this mess because a small group on Wall Street, consisting of perhaps 3,000 men, have concluded (accurately) that they can loot the entire wealth of the nation with impunity, using forged documents made by outfits like LPS. Were the US Marshals to go into only one “bank” outfit and chain up a few dozen men in there, take them out to the paddy-wagons, drive them to JFK Airport, and fly them straight to Gitmo, and then let them use telephones to inform the others that they are having breakfast with those Muslim mujaheddin, and they were not coming back, this mass theft would be over before noon.

    To demonstrate the prudential effect of a symbolic event, consider this: an unknown New Yorker named Bernie Goetz was confronted with four thugs on a night subway car; he stopped the mugging by pulling out a nickel-plated pistol and blowing them away. Before this night, goon muggings on the subway were an out-of-control menace; hundreds every week. For the week following the Goetz shootout, the total number of subway muggings was – precisely zero.

  5. It should be noted that the shooting episode in Modesto (Cali) described by “Enraged” herein was easily avoided; there is no obligation on the Sheriff’s Department to “evict” anyone. The Office of the Sheriff (or any police department) is strictly one of maintaining the public peace. Using a Sheriff to advance a private aim is entirely up to the sheriff. In several jurisdictions in Michigan, the sheriffs are flatly refusing to engage in evictions. The Bank doesn’t like it, too bad. Now that Sheriff’s deputies are being shot dead, presumably the High Sheriffs will re-think this new risk to both their men and the public peace.

    The more substantial risk is to the attorneys doing foreclosure suits, and their employers the “servicers.” I fully expect some outraged homeowner to show up at a foreclosure-mill office with some automatic weapon and leave everybody inside dead. For that reason, I flatly refuse to attend any deposition at any foreclosure-mill office; don’t want to be around when the gunfire erupts and get caught in the cross-fire. Same with “servicers;” I predict that some outfit is going to get shot up and burned down soon enough. There are 400 million guns loose in the US, and millions of outraged people. The numbers do not look promising for peaceful resolution, given the refusal of Congress to act, the refusal of the Dept. of Justice to jail the Wall Street crowd at Guantanamo [hey, they have that place for indefinite detention, might as well put it to good use], and the abetment of the Sheriffs. Look out, folks, Mogadishu is coming soon, to a neighborhood near you.

  6. @ Enraged, you wrote, “….America as I discovered it….” Eeh Gads! How old are you?

    Did you really get Long Island for some worthless glass bling like I’ve read? That, by the way, was simply the first in an endless succession of fraudulent property actions in America, which would end up resulting in untold numbers of innocent victims being forced illegally from their lands due to the [apparent] power of the elite. Their powers of strong deceitful contracts (going back throughout history) written solely in their favor in confusing terms, owing to their white shoe firms who own the minions in government who pretend to serve the people. Same old tale told a million times over.

    @ others – thanks for the info on stop foreclosure fraud. Glad to hear they weren’t whisked away by government/wall street forces, or worse drone strafed. The way things are going in the good old US of A, the mere discussion of foreclosure could be construed as an action against the Treasury, resulting in the “Citizen Danger” level being raised from “Place Them In For Profit Jails Indefinitely ” to “Beat Them To A Pulp By Police Action”. USA! USA! USA!

  7. @Ian,

    I too am a LEGAL immigrant. I’ve been paying taxes eversince i started working here, never asked for handouts, raised a kid, played by the rules and got screwed as much as the next guy.

    Of course, I would have liked to keep America as I discovered it but it wasn’t meant to be. I am afraid fearing globalization when it is already in such an advance stage is counterproductive. What I do is try to read as much as i can about what it could, would or should look like and do everything i can so that it does, indeed, end looking like it should: the restoration of a strong middle-class, curtailment of banks’ powers, education on a global scale, feeding of the 2.5 billions who starve to death, restoring our planet to a livable environment, etc., etc.
    There is a lot of work to do and most of it isn’t done because our political figures, our “leaders” are incapable of leading themselves, let alone anyone else. Just tackling the above list would assure that everyone on the planet is employed in some capacity.

    All this can’t happen if we look back and try to go back to what was once: what was once is gone and I think it is gone for good. Now, it’s up to us to visualise a future we all can live with. We’re entiring another cycle in humanity’s history. We have the ability to define what it will be.

  8. Does anyone know what’s going on with Mandelman? Nothing new for almost 2 weeks (extremely unusual)… And he didn’t say anything about going on vacation or on business for that long…

  9. E. Tolle- re: stopforeclosurefraud(Dinsfla)- no, it isn’t just you, it was down yesterday, and still down today, or being blocked or something. Sometimes their posts are shared on 4closurefraud, another of my daily stops. I cannot tell from my end what is wrong, but it is the only site which will not come up.

  10. technical difficulties. Repairs underway as reported on Hamlet.

  11. Has anyone tried to get into stop foreclosure fraud lately? They were down all day yesterday, and so far today as well. Is it just me?

    I hope they’re OK. I rely on their site. Great stuff.

  12. Enraged- re: yuan as reserve currency as per iwantmynpv- I am personally deeply saddened that the US has come to this chapter in our history. All due to greed, atrocious mismanagement, pathetic leadership, 12 million ILLEGAL aliens, a warped public education system, obscene lobbying activity, different rules and laws for the haves/have nots, and a host of other gutwrenching factors. My mother was a LEGAL immigrant. (Scotland).My father’s parents were LEGAL immigrants. (czechoslovakia) My father fought in WWII, wounded in action (multiple). Never asked nor expected a dime from any govt agency or program. Neither have I. So now we have ruined the reputation of the US as the world’s reserve currency. Although the price of oil will forever be denominated in US dollars. Have I done anything to deserve this slap in the face? No. Could I have done something to prevent this? Maybe. Where do we go from here? Nowhere good. And in Washington DC, and our state capitols, the band plays on.

  13. iwantmypvn,

    Can you do me a favor? When I quote something a tad out of the ordinary, I say where it comes from. Where did you get all that stuff? Have you read anything from Fulford? (another strange, interesting one with some odd theories but, by now, given all the exotic manipulations of the banks NO ONE could have guessed, let alone prevented, I’m willing to consider the little green guys coming from up above…)

    And… remind me again: why would the Yuan as world currency be such a bad thing? Your post reads like the China syndrome or something. Isn’t that pushing things a little too far? Oh, and by the way, I was wtaching the trial of a Chinese woman who embezzled money from her clients and lost it all. Deat penalty! That a hell of a lot more than we do to our own guys…

    Have a great day. Got to get cracking on my Chinese!

  14. 7196 more yeas needed by 4/22 COUNTDOWN Time!
    17,804 signed (4/17 @ 6 am) ( 25,000 signatures required )

    Ed DeMarco, head of the Federal Housing Finance Agency — which oversees Fannie and Freddie — has stood in the way of (principal) reductions and he’s claimed the support of Fannie and Freddie. But that’s no longer the case. Even Fannie and Freddie now support principal reductions. It’s time for Ed DeMarco to step aside by signing this Whte House petition:!/petition/push-fannie-mae-and-freddie-mac-issue-principal-reductions-underwater-homeowners/qtS3crg7

    Pros & Cons

    “Senator Demands Answers from Freddie Mac’s Regulator” ( Acting Director Edward DeMarco)

    ProPublica and NPR reported on Monday [1] that Freddie Mac, the taxpayer-owned mortgage-insurance company, placed multibillion-dollar bets that pay off if homeowners stay trapped in expensive mortgages with interest rates well above current rates.

    Ed DeMarco’s Refusal on Principal Reductions Grounds for Firing
    Peter S. Goodman Huffington Post Posted: 03/12/2012 8:10 am

    Elijah Cummings gets help in Edward DeMarco fight
    Read more:
    by Joseph Williams

    In order for the Peoples’ Voice to be heard, we’re up against deadline on this petition. Neil’s guidance is ‘principal correction, not reduction.’
    De Marco would have us believe the whole world will come undone if we do this. It has, hasn’t it? Fear mongering by raising the ‘strategic default’ concept?

    How has Iceland given voice to Democracy and ‘jail the banksters,’ and the US can only stand ‘anesthetized?’ Use it, or lose it time on this petition.

  15. Spain,italy and France have failed, the Yuan is increasing in strength and popularity. Why are all these bank and other exectuives disappearing. 7.2.12 is there day! For it is the sum of 21. The dollar will be gone as the world reserve currency within 24 motnhs of that date. There is no coming back and the collapse of the Euro (new Panic) will be staged to usher in the international currency.

    The special drawrights are in place and when China agrees to the role the Yuan will play it moves forward. Do not think it is accidental that the new Amercian IMF chief is oriental. At a minimum, the servant should speak the masters language.

  16. @Enraged,
    I don’t think cubed2k would’ve done this. He seemed to have a pretty good head on his shoulders.

  17. @Enraged,
    I contacted Barnes about a year and a half ago…couldn’t afford him then and can’t afford him now. I appreciate the suggestion–he really seems to do good work. Great work. I wish I could afford him. The other drawback is I’d have to get a local attorney involved so Barnes could be pro hac vice, so I’d have to pay 2 attorneys…no can do.

  18. I am posting this because, somehow, it reminds me of someone who was going off the deep end and also happened to be from Modesto: Cubed2k

    For those who read his posts (he stopped writing here maybe three or four months ago), does that seem plausible…?

    “Suicide by Foreclosure”, And The Class War That Warren Buffet’s Team is Winning…..
    April 16th, 2012 | Author: Matthew D. Weidner, Esq.

    There’s a class war, all right, but it’s my class, the rich class, that’s making war, and we’re winning..

    This past Thursday, a Modesto, California, man whose house was in foreclosure shot and killed the Sheriff’s deputy and the locksmith who came to evict him from his condominium unit. Modesto authorities responded by sending 100 police and SWAT snipers to counter-attack, and it ended Waco-style, with the fourplex structure burning to the ground with the shooter inside.

    It’s not surprising that this should happen in Modesto: Last year the Central California city’s foreclosure rate was the third worst in the country, with one in every 19 properties filing for foreclosure. The entire region is ravaged by unemployment, budget cuts, and blight — the only handouts that Modesto is seeing are the surplus military equipment stocks being dumped into the Modesto police department’s growing arsenal.

    The shooter who died was 45 years old and he appears to have lost his condominium over a $15,000 home equity loan he took out almost a decade ago, owed to Bank of America. The condo was sold at an auction for just $12,988 to a shady firm, R&T Financial, that doesn’t even have a listed contact number. Too much for the former security guard, who barricaded himself in the condo which had been in the family for decades. He refused to walk out alive.


  19. Enraged,

    Meant as to whistleblowing link

  20. Enraged,


  21. @Zure,

    Should you contact Jeff Barnes and see if he can help you?

    Main Contents
    April 16, 2012

    April 16, 2012

    FDN’s Jeff Barnes, Esq. is currently lead appellate counsel in appeals pending in four different states:

    (a) In Oregon, a homeowner has appealed a summary judgment to the Oregon Court of Appeals on the issue of whether MERS can be a “beneficiary” under the Oregon Trust Deed Act. The Oregon Trial Lawyers’ Association has filed amicus briefs in support of the homeowner’s position. The appeal has been fully briefed and was orally argued by Mr. Barnes.

    (b) In Washington, a homeowner has appealed a decision of the Bankruptcy Court on the issue of whether the claimed “secured” creditor satisfied the evidentiary prerequisites necessary to overrule the homeowner/debtor’s objection to the Proof of Claim filed by the alleged “secured” creditor per the requirements of the Ninth Circuit Bankrupty Appellate Panel’s decision in the matter of In Re Veal. Mr. Barnes will be arguing the case before the 9th Circuit Bankruptcy Appellate Panel on May 16, 2012.

    (c) In Tennessee, Mr. Barnes has filed the borrower’s first Brief in an appeal of the denial of a Tennessee court to permit the borrower’s newly retained counsel to file a response to the foreclosing party’s Motion for Summary Judgment. The hearing on the Motion was unilaterally accelerated by the foreclosing party’s counsel without notice to the homeowner’s newly-retained counsel. The state court judge did not grant the summary judgment until almost a week after receiving the homeowner’s newly retained counsel’s motion to file a response to the summary judgment motion, and waited over a month to deny the homeowner’s request. The Order appealed from states, in part, that if the court were to grant the relief requested that it would be “aiding and abetting” the homeowner.

    (d) In Florida, Mr. Barnes will shortly be filing the homeowner’s Initial Brief in a case where a Florida state court judge granted the foreclosing party’s motion for summary judgment despite the judge’s statements during the summary judgment hearing that there appeared to be issues of fact as to the endorsement on the Note.

    Mr. Barnes has also been retained on other appellate matters which are in their initial stages.

    Jeff Barnes, Esq.,

  22. Oops! I’m so engry I even forgot to attach the link!

  23. “Once it became clear back in October 2008 that the island’s banks were beyond saving, the government stepped in, ring-fenced the domestic accounts, and left international creditors in the lurch. The central bank imposed capital controls to halt the ensuing sell-off of the krona and new state-controlled banks were created from the remnants of the lenders that failed.”

    We know what to do. Whether our gov. willingly does what it takes or not, it will happen. What we are doing (and have been doing since 2008) is bailout everyone and his brother. We even bailed out Lybia, for Pete’s sake!!! When their national debt is less than $390 per person!!! Ours is $38,000 per person and we keep throwing money at everyone’s problem while keeping the banks on life support and the culprits fat and happy!

    Check this map. (Make sure to click on the correct year, 2012 at the bottom). Red countries are bankrupt (or near bankrupt) and dark green are fine and dandy. Sobering…

  24. Does anyone want to see a sustained objection to proof of claim for $2 mm. The claim was sustained. Now Deutsche Bank looks for excusable neglect after claim was sustained.

  25. We no longer live in a country where it’s liberals vs conservatives or GOP vs DEMS. Now it’s US vs THEM. We are all Icelanders now!

  26. @Enraged,
    The people told Congress overwhelmingly that we were against the bailout. And the bailout didn’t pass in the House of Representatives. So they got it done in the Senate, after threatening martial law and tanks in the streets. Then the House caved. It’s mind-boggling, and we have got to bring this tyranny to an end. We need our Runnymede!

  27. My last consumer financial consumer complaint against Deutsche Bank. The servicer and trustee ownership and rights scam on the court. This complaint went to the CFPB, Attorney General, CA Bar, and everywhere possible.

  28. WHO wrecked my Nation? WHO wrecked my Nation’s standing in the World? How can it ever again to propose lead ANYthing ANYwhere? World Leader in Democracy? NOT. How can this Nation possibly rush in to other Nations with THIS as a model? We are obviously rushing in with some pretense in mind. STOP the WARs! Would we have our sons and daughters die for a deceit?

    I know Mr. President: you would advise that I go live in Iceland if I think that’s where true democracy resides. Well…?

  29. The real tell here is that I knew about this as of late last week. The puppet masters on Wall Street tried to keep a tight lid on this development. Geithner’s head must be about to explode. Where are the tanks in the streets, as was threatened by Paulson? Is that only going to happen in the U.S. if the banker’s lifestyles are threatened?

    Only when we throw off their shackles and put them where they belong, in 8X10’s with 1X3 windows with hard beds and metal toilets will we finally gain back our lives. When we choose to live without their brand of bondage, usury, and the ensuing austerity, butterflies, puppies, and giggles will abound.

  30. […] Visit site: Iceland Forgives Household Debt and Now leads the Way to Economic Recovery […]

  31. Foreclosure Review – Please Share Your Story with Propublica Investigative Reporters Click Here

    Banking regulators have launched a process for banks to compensate homeowners who faced wrongful foreclosures in 2009 and 2010. Please help us report on this by sharing your experiences with our reporter, Paul Kiel. We’ll keep your personal information confidential, and we won’t publish the information. You may receive a follow-up call. The form asks for lots of information to help us get a handle on your situation. There’s also a space at the end of the form where you can write about your experience. For more information about the foreclosure review, see our FAQ:

  32. It will come here too. just a question of time. In the meantime, I would strongly suggest everyone simply stops paying. Pure and simple. And if it does nothing, stop paying taxes.

    We have in this country mismanagement the likes of which we’ve never seen. We can’t be held responsible for that: not our mismanagement. As I recall, not one of us, peons was asked what we thought about bailing out all the banks and AIG. If we had been, we probably all would have said: “Jeez, we’re not in the business of managing money. They are. And obviously, they have no business managing it. Let them crumble and collapse.”

    We were not asked. We still haven’t riotted. It will come. Soon.

  33. its coming to these shores, in the very near future …..they have no other choice

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