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Fri Nov 9, 2012, 03:10 PM

Occupy W.S. Will Buy Up & Forgive Debt: Operation Jubilee

Think Progress:

"Members of Occupy Wall Street — various branches of which have recently been saving families from foreclosure and aiding victims of Hurricane Sandy — have launched a new initiative. Coined the “Rolling Jubilee,” Occupiers are raising money to buy distressed debt from financial firms.

But while purchasers of debt usually hound debtors in order to make a return on their investment, Occupy plans to simply abolish the debt for the lucky individuals whose accounts they grab. As explained on the Rolling Jubilee website:

We buy debt for pennies on the dollar, but instead of collecting it, we abolish it. We cannot buy specific individuals’ debt – instead, we help liberate debtors at random through a campaign of mutual support, good will, and collective refusal.

Organizer David Rees explained further:

OWS is going to start buying distressed debt (medical bills, student loans, etc.) in order to forgive it. As a test run, we spent $500, which bought $14,000 of distressed debt. We then ERASED THAT DEBT. (If you’re a debt broker, once you own someone’s debt you can do whatever you want with it — traditionally, you hound debtors to their grave trying to collect. We’re playing a different game. A MORE AWESOME GAME.)"

snip

http://thinkprogress.org/economy/2012/11/09/1172111/occupy-wall-street-debt-jubilee/

This is a simple, powerful way to help folks in need — to free them from heavy debt loads so they can focus on being productive, happy and healthy.

Average student debt currently stands at more than $26,000. Nationally, nearly 25 percent of homeowners are underwater, meaning they owe more on their mortgage than their home is currently worth."

snip

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Reply Occupy W.S. Will Buy Up & Forgive Debt: Operation Jubilee (Original post)
amborin Nov 2012 OP
TheUnspeakable Nov 2012 #1
chowder66 Nov 2012 #2
ReasonableToo Nov 2012 #3
ReasonableToo Nov 2012 #4
ReasonableToo Nov 2012 #5

Response to amborin (Original post)

Fri Nov 9, 2012, 04:44 PM

1. just heard about this on thom Hartmann-AWESOME!!! N/T

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Response to amborin (Original post)

Fri Nov 9, 2012, 04:47 PM

2. K & R

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Response to amborin (Original post)

Sat Nov 10, 2012, 12:07 PM

3. donated $100 this morning!

Feels great to "pay it forward"!

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Response to amborin (Original post)

Sat Nov 10, 2012, 12:09 PM

4. A bailout by the people, for the people...

(line from linked info)

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Response to amborin (Original post)

Sat Nov 10, 2012, 12:10 PM

5. the hope is that folks who are helped will then pay it forward to help others...

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